Avatar Holdings 4.5% notes are convertible through Sept. 30

By Devika Patel

Knoxville, Tenn., July 2 - Avatar Holdings Inc. announced that holders of its 4.5% convertible senior notes may convert their securities during the quarter ending Sept. 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 June 29.

The notes are convertible into 19.0006 shares of common stock per $1,000 principal amount of notes, a price of $52.626. There is currently outstanding $119.8 million principal amount of the notes.

Avatar stock closed at $77.15 Monday.

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

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