Attached files
file | filename |
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8-K - FORM 8-K - AV Homes, Inc. | g25950e8vk.htm |
EX-4.1 - EX-4.1 - AV Homes, Inc. | g25950exv4w1.htm |
EX-4.3 - EX-4.3 - AV Homes, Inc. | g25950exv4w3.htm |
EX-4.2 - EX-4.2 - AV Homes, Inc. | g25950exv4w2.htm |
EX-1.1 - EX-1.1 - AV Homes, Inc. | g25950exv1w1.htm |
EX-5.1 - EX-5.1 - AV Homes, Inc. | g25950exv5w1.htm |
EXHIBIT 99.1
Avatar Announces Pricing of Convertible Note Offering
CORAL GABLES, Fla., Feb. 1, 2011 /PRNewswire via COMTEX/
Avatar Holdings Inc. (Nasdaq: AVTR) announced today that the Company has
priced, in an underwritten public offering, $100 Million of Senior Convertible
Notes due 2016 (the Notes). The offering was made through Barclays Capital
Inc., as sole underwriter, and is expected to close February 4, 2011 subject to
standard closing conditions. The Company intends to use the proceeds from the
sale of the Notes for general corporate purposes, including, without
limitation, the repayment of debt (including the Companys 4.50% Convertible
Senior Notes due 2024) and potential new acquisitions of real estate and real
estate-related assets.
The Notes will bear interest at a rate of 7.50% per year, payable semi-annually
in arrears in cash, on February 15 and August 15 of each year, commencing on
August 15, 2011. The Notes will mature on February 15, 2016. The Notes will be
convertible, at the holders option, into shares of the Companys common stock
initially at a conversion rate of 33.3333 shares (equivalent to an initial
conversion price of approximately $ 30.00 per share), subject to certain
adjustments.
This announcement shall not constitute an offer to sell or the solicitation of
an offer to buy the Notes or the common stock issuable upon conversion of the
Notes. A registration statement relating to the Notes was declared effective by
the Securities and Exchange Commission on August 28, 2009 and this offering
will be made by means of a prospectus supplement and an accompanying
prospectus. Copies of the prospectus supplement and the accompanying prospectus
relating to the offering may be obtained from the offices of Barclays Capital
Inc. at the following address:
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
E-mail: Barclaysprospectus@broadridge.com
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
E-mail: Barclaysprospectus@broadridge.com
Or by calling toll-free at: 1-888-603-5847
An electronic copy of the prospectus supplement and the accompanying prospectus
will also be available on the website of the Securities and Exchange Commission
at http://www.sec.gov.
Avatar Holdings Inc. is engaged in real estate operations in Florida and
Arizona. Avatars principal operations are conducted at Poinciana, Solivita and
Bellalago in central Florida near Orlando; at Seasons at Tradition in Port St.
Lucie, Florida; at Rio Rico, south of Tucson, Arizona; and at the
recently-acquired active adult community of CantaMia in Goodyear, Arizona.
Avatars common shares trade on NASDAQ under the symbol AVTR.
Certain statements discussed herein or made by the Company constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other important factors that could cause
the actual results, performance or achievements of results to differ materially
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Factors that might cause actual results to
differ include, but are not limited to, the stability of certain financial
markets; disruption of the credit markets and reduced availability and more
stringent financing requirements for commercial and residential mortgages of
all types; the number of investor and speculator resale homes for sale and
homes in foreclosure in our communities and in the geographic areas in which we
develop and sell homes; the increased level of unemployment; the decline in net
worth and/or of income of potential buyers; the decline in consumer confidence;
the failure to successfully implement our business strategy (including our
intention to focus primarily on the development of active adult communities in
the future); shifts in demographic trends affecting demand for active adult and
primary housing; the level of immigration and migration into the areas in which
we conduct real estate activities; our access to financing; construction defect
and home warranty claims; changes in, or the failure or inability to comply
with, government regulations; the failure to successfully integrate
acquisitions into our business, including our recent JEN transaction; and other
factors as are described in the Companys filings with the Securities and
Exchange Commission, including under the caption Risk Factors included in its
Annual Report on Form 10-K for the year ended December 31, 2009. Readers are
cautioned not to place undue reliance on any forward-looking statements
contained herein or therein, which reflect managements opinions only as of the
date thereof.
SOURCE Avatar Holdings Inc.