Basis100 starts tender for up to $4 million convertibles

New York, July 31 - Basis100 Inc. said it has begun its previously announced tender offer for up to $5 million of its 6% convertible unsecured debentures due 2006.

The Toronto provider of business services to mortgage lenders said it is offering to pay $750 per $1,000 principal amount of the convertibles.

The offer will expire on Sept. 8 unless extended.

Basis100 put $3.75 million in escrow in July to fund the tender.

"The substantial issuer bid will help us strengthen Basis100's financial position and allow us to retire some of this debt at an attractive price," said Joseph Murin, president and chief executive officer, in a news release.

Basis100 also filed a normal course issuer bid with the Toronto Stock Exchange to buy back $1.99 million of the convertibles over the next 12 months.

First Coastal to redeem 10% convertible preferreds

New York, Aug. 1 - First Coastal Bancshares said it will redeem all its series A 10% cumulative convertible preferred stock.

The El Segundo, Calif. parent of First Coastal Bank, NA will pay $6.75 per share on Sept. 8.

The redemption applies to all 309,789 outstanding shares.

Holders can convert the securities into stock up to Sept. 1 at a conversion price of $122.75. First Coastal stock closed at $100.90 Friday.

Avatar says $10.09 million of convertibles exchanged for stock in call

New York, Aug. 1 - Avatar Holdings Inc. said holders of $10.087 million of its 7% convertible subordinated notes due 2005 opted to exchange the securities for stock ahead of the redemption of the securities. In addition holders of a further $343,000 of the convertibles exchanged their securities although these were not called.

The Coral Gables, Fla. real estate company paid cash for the remaining $49.913 million notes out of the total $60 million that were called. As previously announced, it paid $1,020 per $1,000 principal amount.

Conversion of the securities resulted in the issuance of 317,199 shares plus 10,786 for the notes converted but not called.

At the close of business on July 31 following the redemption Avatar had $34.086 million of the convertibles outstanding.

Avatar stock closed at $30.40 on Thursday. The notes convert at $31.80.

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