SCOTTSDALE, Ariz., Feb. 18, 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 the results of the previously announced option of holders of $55,500,000 aggregate principal amount of its outstanding 7.50% Senior Convertible Notes due 2016 (CUSIP No. 053494 AG5) (the "Notes") to require the Company to repurchase all or a portion of their Notes pursuant to the terms of the Notes and the indenture governing the Notes (the "Repurchase Right"). Under the terms of the Repurchase Right, holders of the Notes had the opportunity to surrender the Notes for purchase prior to 5:00 p.m., New York City time, on February 14, 2014 (the "Repurchase Deadline") and had the opportunity to withdraw any Notes previously surrendered for purchase at any time prior to the Repurchase Deadline.
As of the Repurchase Deadline, $19,000 aggregate principal amount of the Notes were validly surrendered and not validly withdrawn, and therefore $19,000 aggregate principal amount of the Notes will be repurchased by the Company pursuant to the Repurchase Right. The repurchase of the Notes will be funded by the Company's available cash. Approximately $55,481,000 aggregate principal amount of the Notes remains outstanding, and the terms and other provisions of the indenture governing the Notes will remain unchanged.
The Company will file an amendment to the previously filed Tender Offer Statement on Schedule TO with the Securities and Exchange Commission announcing the expiration and results of the Repurchase Right.This press release shall not constitute an offer to purchase or a solicitation of an offer to sell any securities, including the Notes. The offer to purchase the Notes was made only pursuant to the Specified Date Company Notice dated January 16, 2014, and related documents which set forth the complete terms and conditions of the Repurchase Right.