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Exhibit 99.2
NVR, INC. ANNOUNCES CONSENT SOLICITATION
FOR IMMEDIATE RELEASE CONTACT: Paul Columbus
OFFICE: 703-761-2414
October 25, 2000 -- McLean, VA -- NVR, Inc. (AMEX: NVR) today announced that it
is soliciting consents from holders of its 8% Senior Notes due 2005 (the
"Notes") to amend the indenture governing the Notes. The consent solicitation
will expire at 5:00 p.m. New York City time on November 13, 2000, unless
extended by NVR.
If the requisite consents are received (at least a majority in aggregate
principal amount of Notes that are deemed outstanding) and the supplemental
indenture effecting the amendment is executed, NVR will make a payment equal to
1% of the principal amount of the Notes ($10 in cash for each $1,000 principal
amount of Notes) to each holder of Notes whose consent is received and accepted
prior to the expiration date. The record date of the consent solicitation is
October 25, 2000. NVR will pay this fee promptly after the execution of a
supplemental indenture and the expiration of the consent solicitation. NVR may
terminate or amend the consent solicitation at any time prior to the expiration
date.
The purpose of the consent solicitation is to permit NVR to amend the indenture
governing the Notes in order to provide NVR with greater flexibility to continue
to repurchase shares of its outstanding common stock as part of its strategy of
maximizing shareholder value.
The detailed terms and conditions of the consent solicitation are contained in
the consent solicitation statement dated October 25, 2000. Holders of Notes can
obtain copies of this statement and related material from the information agent
for the consent solicitation, Georgeson Shareholder Communications Inc., at 800-
223-2064 (toll free) or 212-440-9800 (collect for banks and brokers). Credit
Suisse First Boston Corporation is acting as Solicitation Agent for the
transaction. Questions regarding the solicitation can be addressed to Credit
Suisse First Boston Corporation at 800-922-9004 (x7179) or (800) 820-1653.
NVR, Inc., headquartered in McLean, Virginia, is one of the largest homebuilders
in the United States with operations in Virginia, Maryland, Pennsylvania, New
York, North Carolina, South Carolina, Ohio, New Jersey, Delaware and Tennessee.
