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STANDARD PACIFIC CORP. REPORTS THREE-YEAR BANK AGREEMENT AND INCREASED NET NEW ORDERS FOR 1993

 COSTA MESA, Calif., Jan. 4 /PRNewswire/ -- Arthur E. Svendsen, chairman of the board and chief executive officer of Standard Pacific Corp. (NYSE: SPF), reported the following:
 As of Dec. 29, 1993, Standard Pacific completed its negotiations with its lead bank, Bank of America, for extending its $100 million revolving line of credit for a three-year period. The revolver now matures Dec. 29, 1996. Svendsen stated that the three-year commitment obtained was an important milestone for the company and improves the company's financial flexibility. Svendsen also stated that the company continues to evaluate and acquire well-located strategic parcels of land to augment current and future construction activities.
 In making this announcement, Svendsen added that he was pleased with the company's net new order patterns during 1993 and especially during the last six months of 1993. Svendsen added that for the year, net new orders totaled 1,010, up 18 percent over the 1992 level. For the last six months of 1993, however, net new orders totaled 533, up 56 percent from the comparable prior year period. Svendsen added that the increase in net new orders affected virtually all of the company's projects -- from the first-time homebuyer product to the move-up product.
 Standard Pacific Corp. operates primarily as a geographically diversified builder of medium-priced single family homes with operations throughout the major metropolitan markets in California and Texas. In addition, Standard Pacific participates in mortgage origination and mortgage banking operations through its wholly owned subsidiary, Standard Pacific Savings F.A. The company is also engaged in the manufacture and marketing of moveable acoustical office partitions and office furniture through its wholly owned subsidiary, Panel Concepts Inc.
 -0- 1/4/94
 /CONTACT: April J. Morris, 714-668-4303/
 (SPF)


CO: Standard Pacific Corp. ST: California IN: CST SU:

NY-LS -- LA017 -- 8748 01/04/94 08:02 EST
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Publication:PR Newswire
Date:Jan 4, 1994
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