CalAtlantic Group, Inc. Announces Adjustments to the Conversion Rates for Convertible Senior Notes

ARLINGTON, Va., April 28, 2017 /PRNewswire/ -- CalAtlantic Group, Inc. (NYSE: CAA) today announced adjustments to the conversion rates for certain of the company's convertible senior notes. These conversion rate adjustments are being made pursuant to the supplemental indentures governing such notes as a result of the company's payment of six quarterly cash dividends on shares of its common stock of $0.04 per share from December 31, 2015 until March 31, 2017. Effective immediately, the conversion rate for the notes will be as follows:

1.625% convertible senior notes due 2018

The conversion rate for the Company's 1.625% senior convertible notes will be 31.8664 shares of common stock per $1,000 principal amount of the notes. Prior to the adjustment, the conversion rate for the notes was 31.8130 shares of common stock per $1,000 principal amount of the notes.

0.25% convertible senior notes due 2019

The conversion rate for the Company's 0.25% senior convertible notes will be 13.6080 shares of common stock per $1,000 principal amount of the notes. Prior to the adjustment, the conversion rate for the notes was 13.5853 shares of common stock per $1,000 principal amount of the notes.

About CalAtlantic Group, Inc.

CalAtlantic Group, Inc. (NYSE: CAA), one of the nation's largest and most respected homebuilders, offers well-crafted homes in thoughtfully designed communities that meet the desires of customers across the homebuilding spectrum, from entry level to luxury, in 41 Metropolitan Statistical Areas spanning 17 states.  With a trusted reputation for quality craftsmanship, an outstanding customer experience and exceptional architectural design earned over its 50 year history, CalAtlantic Group, Inc. utilizes its over five decades of land acquisition, development and homebuilding expertise to acquire and build desirable communities in locations that meet the high expectations of the company's homebuyers.  We invite you to learn more about us by visiting www.calatlantichomes.com.

Source:  CalAtlantic Group, Inc.

Contact:  Jeff McCall, EVP & CFO [phone], [e-mail]

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/calatlantic-group-inc-announces-adjustments-to-the-conversion-rates-for-convertible-senior-notes-300448329.html

SOURCE CalAtlantic Group, Inc.

Copyright 2017 PR Newswire