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AVATAR HOLDINGS ANNOUNCES COMMENCEMENT OF DEBENTURES EXCHANGE OFFER

AVATAR HOLDINGS ANNOUNCES COMMENCEMENT OF DEBENTURES EXCHANGE OFFER
 NEW YORK, Nov. 5 /PRNewswire/ -- Leon Levy, chairman of the board of directors of Avatar Holdings Inc. (NASDAQ: AVTR), today announced the commencement of an offer by Avatar to exchange up to $34,496,000 aggregate principal amount of new 9 percent Senior Debentures due Oct. 1, 2000 for all of its outstanding 8 percent Senior Debentures due Oct. 1, 2000 and the solicitation of consents from the holders of 8 percent Senior Debentures to amend or eliminate substantially all of the principal protective covenants currently contained in the indenture for the 8 percent Senior Debentures. Levy further announces that the Prospectus/Offer to Exchange and Consent Solicitation Statement and related materials for the transactions are being mailed to holders of 8 percent Senior Debentures today.
 The exchange offer, consent solicitation and withdrawal rights will expire at 5 p.m., New York City time, on Friday, Dec. 18, 1992, unless extended.
 If certain conditions to the exchange offer are met, Avatar will pay to each holder of 8 percent Senior Debentures who has consented to the amendment or elimination of the protective covenants a cash fee in an amount equal to 1 percent of the principal amount of 8 percent Senior Debentures for which consent was given.
 Copies of the Prospectus/Offer to Exchange and Consent Solicitation Statement and related materials may be obtained from Morrow & Co., Inc., the information agent for the transactions, at 345 Hudson St., New York, NY 10014, telephone number 800-533-7254 or 212-741-5511.
 Inquiries regarding the terms of the transactions should be directed to Bear, Stearns & Co., Inc., the financial advisor to Avatar for the transactions, at 245 Park Ave., New York, NY 10167, telephone number 212-272-3440 (collect), attention: Scott Butera.
 Avatar has retained Chemical Bank to act as exchange agent with respect to the transactions.
 Avatar is a diversified holding company primarily engaged, through its various subsidiaries, in real estate and utility operations. Real estate activities include the development, marketing and sale of improved and unimproved property; construction and sale of shelter units; operation of amenities, resorts and cable television facilities in Avatar-developed communities; sales and management of timeshare unit weeks; and residential and commercial property management services. Utility operations include the purification and distribution of water and the treatment and disposal of wastewater.
 -0- 11/5/92
 /CONTACT: Juanita I. Kerrigan, vice president and secretary of Avatar Holdings, 305-442-7000/
 (AVTR) CO: Avatar Holdings Inc. ST: Florida IN: SU:


AW-JB -- FL002 -- 2913 11/05/92 09:35 EST
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Publication:PR Newswire
Date:Nov 5, 1992
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