SCOTTSDALE, Ariz., Jan. 16, 2014 (GLOBE NEWSWIRE) -- AV Homes, Inc. (Nasdaq:AVHI) (the "Company"), a developer and builder of active adult and conventional home communities in Florida, Arizona and North Carolina, today announced that it is notifying the holders of $55,500,000 aggregate principal amount of its outstanding 7.50% Senior Convertible Notes due 2016 (CUSIP No. 053494 AG5) (the "Notes") that, pursuant to the terms of the Notes and the indenture governing the Notes, they have the option to require the Company to repurchase, on February 15, 2014 (the "Specified Date Repurchase Date"), all or a portion of their Notes (the "Repurchase Right") at a price equal to 100% of the principal amount of the Notes, plus any accrued and unpaid interest to, but excluding, the Specified Date Repurchase Date. The Company will pay for any Notes validly surrendered and not validly withdrawn with cash. Due to the fact that the Specified Date Repurchase Date is not a business day, the appropriate amount of cash for surrendered Notes will be provided to DTC on February 18, 2014.
The opportunity to surrender the Notes for repurchase pursuant to the Repurchase Right commences today and expires at 5:00 p.m., New York City time, on Friday, February 14, 2014 (the "Repurchase Deadline"). Holders may withdraw any Notes previously surrendered for repurchase at any time prior to 5:00 p.m., New York City time, on the Repurchase Deadline.
As required by the rules of the Securities and Exchange Commission (the "SEC"), the Company will file a Tender Offer Statement on Schedule TO with the SEC. The Tender Offer Statement will include a notice to holders from the Company (the "Specified Date Company Notice") specifying the terms and conditions of the Repurchase Right and the procedures to exercise the Repurchase Right. Holders of Notes are strongly encouraged to read the Specified Date Company Notice and other relevant documents filed with the SEC before making a decision relating to the Repurchase Right.