Avatar Holdings 4.5% notes are convertible through June 30

By Jennifer Chiou

New York, April 2 - Avatar Holdings Inc. said that holders of its $120 million of 4.5% convertible senior notes due 2024 may convert their securities during the quarter ending June 30.

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 March 30.

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 $69.85 on Monday.

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

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