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Hovnanian extends $125 million revolver with amendment
Chicago, Aug. 22 – Hovnanian Enterprises, Inc. amended its $125 million senior secured first-lien revolving credit facility for the second time on Aug. 19, according to an 8-K filing with the Securities and Exchange Commission.
The amendment extends the maturity date to June 30, 2024 from Dec. 28, 2022.
Additionally, the 7¾% fixed interest rate has been replaced with a floating rate based on SOFR.
Borrowings will now bear interest at SOFR plus 450 basis points, with a 1% SOFR floor.
An unused commitment fee on undrawn borrowings will be 100 bps.
Wilmington Trust, NA is the administrative agent.
The lenders were not listed in the filing.
Hovnanian is a Matawan, N.J., homebuilder.
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