Printer Friendly

AVATAR HOLDINGS ANNOUNCES COMPLETION OF EXCHANGE OFFER

 NEW YORK, Dec. 21 /PRNewswire/ -- Avatar Holdings Inc. (NASDAQ: AVTR) today announced the successful completion of its offer to exchange up to $34,496,000 aggregate principal amount of its 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 with respect to 8 percent Senior Debentures.
 Avatar accepted for exchange approximately $26,919,000 aggregate principal amount of 8 percent Senior Debentures, effectively amending or eliminating substantially all of the principal protective covenants currently contained in the Indenture for the 8 percent Senior Debentures. All of the 8 percent Senior Debentures accepted for exchange will be canceled, thereby eliminating Avatar's sinking fund obligations under the Indenture for the 8 percent Debentures.
 Bear, Stearns & Co. Inc. acted as financial advisor to Avatar in the exchange offer and consent solicitation. Morrow and Co., Inc. was the information agent.
 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- 12/21/92
 /CONTACT: Juanita I. Kerrigan, vice president & secretary of Avatar Holdings, 305-442-7000, ext. 230/
 (AVTR)


CO: Avatar Holdings Inc. ST: Florida IN: SU: ERN

JB-JJ -- FL006 -- 8718 12/21/92 11:05 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 21, 1992
Words:269
Previous Article:SOLAR FINANCIAL SERVICES REPORTS SECOND QUARTER RESULTS
Next Article:WALL STREET FINANCIAL CORP. ANNOUNCES FINANCING
Topics:


Related Articles
AVATAR HOLDINGS ANNOUNCES RESULTS
AVATAR HOLDINGS REPORTS ANNUAL MEETING OF STOCKHOLDERS
AVATAR HOLDINGS FILES REGISTRATION STATEMENT WITH SEC
AVATAR HOLDINGS ANNOUNCES COMMENCEMENT OF DEBENTURES EXCHANGE OFFER
AVATAR HOLDINGS REPORTS RESULTS
AVATAR ANNOUNCES REDEMPTION OF ITS 5 1/4 PERCENT CONVERTIBLE-PURCHASE SUBORDINATED DEBENTURES
AVATAR HOLDINGS ANNOUNCES PRIVATE PURCHASE
Avatar Properties Inc. Announces Hiring of Finkelberg and Daley.
Avatar Holdings Inc. Announces Proposed Offering of $75 Million Aggregate Principal Amount of Convertible Notes; Avatar's Board Authorizes Repurchase...
Avatar Holdings Inc. Announces Pricing Of $100 Million Aggregate Principal Amount Of Convertible Notes.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters