SCOTTSDALE, Ariz., March 17, 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, notified the holders of $5,402,000 aggregate principal amount of its outstanding 4.50% Convertible Senior Notes due 2024 (the "Notes") on February 27, 2014 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 CUSIP Numbers for the Notes are 053494 AE0 and 053494 AF7. The Company will pay for any Notes validly surrendered and not validly withdrawn with cash.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 1, 2014 rather than April 2, 2014, as previously announced.
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. Holders will receive payment for any Notes submitted for repurchase on April 1, 2014.
As required by the rules of the Securities and Exchange Commission (the "SEC"), the Company has filed and will file Tender Offer Statements on Schedule TO with the SEC. The Tender Offer Statements include (i) 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 and (ii) additional information regarding the Repurchase Right. Holders of Notes are strongly encouraged to read the Company Notice, the Tender Offer Statements and other relevant documents filed with the SEC before making a decision relating to the Repurchase Right.