Presley Cos. Buys Back Senior Notes

Home builder Presley Cos. said it has repurchased $20 million worth of its senior notes for $17.7 million. The Newport Beach company said in a press release that it will recognize a net gain of about $1.8 million in the fourth quarter.

The June 1994 document issuing the debt requires Presley to offer to repurchase $20 million worth of senior notes if it has consolidated tangible net worth below $60 million for two consecutive quarters.

The company has $100 million worth of senior notes outstanding after the repurchase. Its stock closed Tuesday at $5.13 a share, down 44 cents.