SCOTTSDALE, Ariz., Feb. 27, 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 $5,402,000 aggregate principal amount of its outstanding 4.50% Convertible Senior Notes due 2024 (CUSIP No. 053494 AE0) (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 April 1, 2014 (the "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 Repurchase Date. The Company will pay for any Notes validly surrendered and not validly withdrawn with cash. The appropriate amount of cash for surrendered Notes will be provided to DTC on April 2, 2014.
The opportunity to surrender the Notes for repurchase pursuant to the Repurchase Right expires at 5:00 p.m., New York City time, on Thursday, March 27, 2014. Holders may withdraw any Notes previously surrendered for repurchase at any time prior to 5:00 p.m., New York City time, on Monday, March 31, 2014.
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 "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 Company Notice and other relevant documents filed with the SEC before making a decision relating to the Repurchase Right.None of the Company, its board of directors or its employees have made or are making any representation or recommendation to any holder as to whether or not to surrender Notes pursuant to the Repurchase Right.