Avatar says $20.7 million 7% convertibles exchange ahead of call

New York, Nov. 25 - Avatar Holdings Inc. said holders of $20.683 million of its 7% convertible subordinated notes due 2005 exchanged their securities for 650,378 shares of common stock ahead of the redemption of the remaining outstanding notes.

The other $13.387 million of the $34.077 million convertibles were redeemed for cash at a price of $1,020 per $1,000 principal amount plus accrued interest.

The notes were convertible at a price of $31.80 per share. Avatar stock closed at $33.53 Tuesday.

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

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