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Exhibit 99.1
NVR, INC. AMENDS CONSENT SOLICITATION FOR 8% SENIOR NOTES
FOR IMMEDIATE RELEASE CONTACT: Paul Columbus
OFFICE: 703-761-2414
November 10, 2000 - McLean, VA - NVR, Inc. (AMEX: NVR) today announced that it
is extending the expiration date for its consent solicitation relating to its 8%
Senior Notes due 2005 (the "Notes") to 5:00 p.m. New York City time on November
16, 2000, unless further extended by NVR. NVR further announced that it is
increasing the amount of the payment that NVR will make to each holder of Notes
whose consent is received and accepted prior to the expiration date to $40 in
cash for each $1,000 principal amount of Notes for which a consent has been
accepted, as described in the Solicitation Statement. NVR will only make this
payment if all requisite consents are received (at least a majority in aggregate
principal amount of Notes that are deemed outstanding).
NVR commenced soliciting consents from holders of its Notes to the amendment of
the indenture governing the Notes on October 25, 2000. The record date of the
consent solicitation is October 25, 2000. NVR may terminate or amend the
consent solicitation at any time prior to the expiration date.
The detailed terms and conditions of the consent solicitation are contained in
the Solicitation Statement dated October 25, 2000 and in Supplement No. 1
thereto dated November 10, 2000. Holders of Notes can obtain copies of the
Solicitation Statement, Supplement No. 1 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 (x
7179) 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.
