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Avatar greenshoe exercised, raising convertibles to $120 million
New York, March 31 - Avatar Holdings Inc. said the underwriters of its recent offering of convertible notes due 2024 exercised the $20 million over-allotment option in full, raising the size of the deal to $120 million.
The Coral Gables, Fla.-based Avatar, a real estate development company, originally sold $100 million of the securities after the market closed on March 24, pricing them to yield 4.5% with a 40% initial conversion premium.
Bookrunner for the Rule 144A deal was Citigroup Global Markets Inc.
Avatar said it used $42.91 million of the proceeds to buy 1.14 million shares from buyers of the notes in privately negotiated transactions at a price of $37.59 per share. It will use remaining proceeds for general corporate purposes.
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