Avatar Holdings holders put back $41.64 million of 4.5% convertibles

By Jennifer Chiou

New York, April 5 - Holders of $41,637,000 of Avatar Holdings Inc.'s $47,039,000 of 4.5% convertible senior notes due 2024 exercised their right to require the company to purchase their notes, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Proceeds from the company's $100 million issue of 7.5% five-year convertibles will be used to fund the put.

Following the transactions, $5,402,000 of the 4.5% notes remains outstanding.

Avatar is a Coral Gables, Fla., real estate development company with operations in Florida and Arizona.

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