Avatar Holdings 4.5% notes are convertible through March 31

By Angela McDaniels

Seattle, Feb. 28 - Avatar Holdings Inc. said its $120 million outstanding 4.5% convertible senior notes due 2024 are convertible at the option of the holders during the quarter ending March 31.

The notes became convertible because the closing price of the company's common stock exceeded 120% of the conversion price for 20 trading days within the 30 consecutive trading days ended Dec. 29, according to a company news release.

The notes are convertible into 19.0006 shares of common stock per $1,000 principal amount of notes, which equals a conversion price of $52.63. Avatar's stock (Nasdaq: AVTR) closed at $72.68 on Tuesday.

Avatar is a real estate development company based in Coral Gables, Fla.

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