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 The Company will pay for any Notes validly surrendered and not validly withdrawn with cash.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.
AV Homes, Inc. Announces Repurchase Right Notification For $55,500,000 Aggregate Principal Amount Of Its 7.50% Senior Convertible Notes
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