AV Homes accepts $45.48 million early tendered 8˝% notes due 2019

By Marisa Wong

Morgantown, W.Va., May 18 – AV Homes, Inc. said holders had tendered $45.48 million, or 22.74%, of its $200 million outstanding 8˝% senior notes due 2019 as of 5 p.m. ET on May 17, the early tender date of its previously announced tender offer.

The company is offering to purchase any and all of the outstanding 8˝% notes for cash. The offer began on May 1 and expires at 11:59 p.m. ET on May 26.

The company accepted for purchase all of the early tendered notes, according to a Thursday press release.

The company also announced that it completed its $400 million offering of new 6 5/8% senior notes due 2022, proceeds of which will be used to fund the tender offer. This satisfies the tender offer’s financing condition.

Holders of the early tendered notes received the total purchase price of $1,038.87 for each $1,000 principal amount. The total amount included an early tender payment of $6.99 per $1,000 principal amount.

Holders who tender after the early deadline will be eligible to receive the tender offer price of $1,031.88 per $1,000 principal amount.

The company also paid and will pay accrued interest up to but excluding the payment date, which is May 18 for early tendered notes and May 30 for any remaining tenders.

Tendered notes may no longer be withdrawn.

J.P. Morgan Securities LLC (212 834-4811 or 866 834-4666) is the dealer manager. For document requests, contact D.F. King & Co., Inc. (800 622-1649, 212 269-5550 or avhomes@dfking.com).

AV Homes is a Scottsdale, Ariz.-based homebuilder.

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