Hovnanian gets $75 million unsecured five-year revolver via Citicorp

By Toni Weeks

San Luis Obispo, Calif., July 11 - Hovnanian Enterprises, Inc. entered into a $75 million five-year unsecured revolving credit facility with Citicorp USA, Inc. as administrative agent and issuing bank and Citibank, NA as a lender, according to a news release.

The revolver is available for both letters of credit and general corporate purposes.

"The addition of a revolving credit facility to the cash we currently have on hand provides additional liquidity and financial flexibility," chairman of the board, president and chief executive officer Ara K. Hovnanian said in the release. "The new facility enables us to capitalize on additional new land opportunities and grow our business even further."

The national homebuilder is based in Red Bank, N.J.

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