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K. Hovnanian Enterprises, Inc. Announces New Senior Secured Notes Offering.

Publication: PR Newswire
Publication Date: 05-OCT-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
RED BANK, N.J., Oct. 5 /PRNewswire-FirstCall/ -- Hovnanian Enterprises, Inc. (the "Company") announced today that its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. ("K. Hovnanian"), plans to issue an aggregate principal amount of up to $775 million of senior secured notes due 2016 (the "Notes") in a private placement. In conjunction with the closing of the Notes offering, K. Hovnanian expects to consummate its previously announced tender offers and consent solicitations (the "Tender Offers") for its outstanding senior secured notes and certain series of senior unsecured notes and terminate its existing revolving credit facility and enter into certain letter of credit agreements.

The Notes and the guarantees thereof by the Company and certain of its subsidiaries will be secured on a first-priority...

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