AV Homes, Inc. (NASDAQ:AVHI) Files An 8-K Other Events
Item8.01
| Other Events. |
Tender Offer
On May1, 2017, AV Homes, Inc. (the Company) issued a press
release announcing a tender offer for certain outstanding senior
notes of the Company. A copy of the press release is attached as
Exhibit 99.1 to this report and is incorporated herein by
reference.
Offering of Senior Notes
On May1, 2017, the Company issued a press release announcing that
it had commenced a private offering to eligible purchasers of
$300 million aggregate principal amount of senior notes due 2022
(the Notes). In accordance with Rule 135(c) of the Securities Act
of 1933, as amended (the Securities Act), a copy of this press
release is being filed as Exhibit 99.2 to this report.
Accordingly, this notice is not intended to and does not
constitute an offer to sell nor a solicitation for an offer to
purchase any securities of the Company.
The Notes and related guarantees have not been registered under
the Securities Act or any state securities laws and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and any applicable state securities laws.
Unsecured Credit Facility
As of May1, 2017, lead arrangers had received commitments from
financial institutions to a new senior unsecured revolving credit
facility in an aggregate amount of $155 million, subject to
satisfactory documentation and certain other conditions. The
unsecured revolving credit facility would replace and refinance
any outstanding indebtedness under our existing senior secured
revolving credit facility. The unsecured revolving credit
facility would mature on July28, 2020, would continue to be
guaranteed by certain of our subsidiaries and would include an
accordion feature to allow for increases in incremental
commitments up to an aggregate facility amount of $250 million.
The closing of the unsecured revolving credit facility is
uncertain and will be subject to various closing conditions and
documentation satisfactory to the lenders.
| Item9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release dated May 1, 2017 | |
| 99.2 | Press Release dated May 1, 2017 |
About AV Homes, Inc. (NASDAQ:AVHI)
AV Homes, Inc. is a homebuilder engaged in the business of homebuilding and community development in Florida, Arizona and the Carolinas. The Company is also engaged in other real estate activities, such as the operation of amenities and the sale of land for third-party development. The Company’s segments include Florida, Arizona and the Carolinas. It focuses on the development and construction of primary residential communities serving first-time and move-up buyers, including under its local Bonterra Builders and Royal Oak Homes brands, and active adult communities, which are age-restricted to the age 55 and over active adult demographic. It owns approximately 5,010 developed residential lots, over 3,140 partially developed residential lots, approximately 8,650 undeveloped residential lots, and over 14,450 acres of mixed-use, commercial and industrial land. Its active adult communities include Solivita, CantaMia, Vitalia at Tradition, Encore at Eastmark and Creekside at Bethpage. AV Homes, Inc. (NASDAQ:AVHI) Recent Trading Information
AV Homes, Inc. (NASDAQ:AVHI) closed its last trading session up +0.85 at 17.55 with 129,414 shares trading hands.
