Hovnanian buys back $525 million notes at 92.2, 31.5 in second quarter

By Susanna Moon

Chicago, June 2 - Hovnanian Enterprises, Inc. said it repurchased $525 million of unsecured senior and senior subordinated notes in the second quarter of fiscal 2009, which ended April 30.

The company said it bought back $71.1 million principal amount of its 6% senior subordinated notes due January 2010 at an average price of 92.2 and purchased the rest of the notes at 31.5.

As a result, Hovnanian recorded a $311.3 million gain on extinguishment of debt for the second quarter.

Hovnanian is a homebuilder based in Red Bank, N.J.

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