RESTON, Va., Sept. 9 /PRNewswire-FirstCall/ -- NVR, Inc. (NYSE:NVR), one of the nation's largest homebuilding and mortgage banking companies, announced that it is commencing an underwritten public offering of $325 million aggregate principal amount of convertible senior notes due 2038 under its shelf registration statement filed with the Securities and Exchange Commission. NVR will also grant the underwriter an option to purchase up to an additional $48.75 million aggregate principal amount of notes, within 13 days of the initial issuance of the notes, to cover over-allotments.
The notes will be initially convertible, upon satisfaction of certain conditions, into a combination of cash up to the principal amount of the notes and cash, common stock or a combination thereof, at the company's election, with respect to any excess conversion value. Holders of the notes may require the company to repurchase the notes if the company is involved in certain types of corporate transactions or other events constituting a fundamental change. Beginning in September 2013, the company will have the right to redeem the notes, in whole or in part. Holders of the notes have the right to require the company to repurchase all or a portion of their notes for cash on September 15 of each of 2013, 2018, 2023, 2028 and 2033.
Credit Suisse Securities (USA) LLC will be the sole underwriter for the offering. A preliminary prospectus supplement and final prospectus related to the public offering will be filed with the Securities and Exchange Commission. Copies of the preliminary prospectus and final prospectus, when available, may be obtained from Credit Suisse, Prospectus Department, One Madison Avenue, New York, New York 10010 (telephone: 212-325-2580) or by faxing requests to 212-325-8057.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement.
Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. All statements other than those of historical facts included herein, including those regarding the issuance of the notes and the successful completion of the notes offering, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to, general economic and business conditions, interest rate changes, financial market conditions and other factors over which NVR has little or no control. NVR has no obligation to update such forward-looking statements. DATASOURCE: NVR, Inc.
CONTACT: Dan Malzahn, +1-703-956-4204 Web site: http://www.nvrinc.com/
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