Standard Pacific receives $530 million equity infusion, shares jump
Standard Pacific Corp. (NYSE:SPF) said this morning that MatlinPatterson Global Advisers invested more than $530 million in equity in the single-family home builder, lifting shares some 24% in pre-market trading.
Crimped by illiquid credit markets and a difficult macro environment, the capital infusion will improve the company’s financial flexibility and provide funding for future growth opportunities.
Shares gained 24%, or $0.53, to $2.75 in pre-market trading. For detailed price information and recent news stories about Standard Pacific, click SPF.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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