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Prospect News home > News index > List of issuers T > Headlines for Tenders 2011 > News item |
K. Hovnanian launches consent solicitation to amend 8 5/8% notes
By Jennifer Chiou
New York, April 12 - Hovnanian Enterprises, Inc. announced that wholly owned subsidiary K. Hovnanian Enterprises, Inc. began a consent solicitation for its 8 5/8% senior notes due 2017.
The company is seeking approval from holders of at least a majority of the notes to permit it to modify the note indenture to allow K. Hovnanian to issue additional first-lien secured notes for the purpose of redeeming all of its $500,000 of 11½% senior secured notes due 2013 and its $11.7 million of 18% senior secured notes due 2017.
The solicitation is scheduled to expire at 5 p.m. ET on April 21.
Those who deliver consents will be eligible to receive a consent consideration equal to $1.25 per $1,000 principal amount of notes.
The solicitation is subject to the effectiveness of a supplemental indenture as well as a financing condition.
Credit Suisse Securities (USA) LLC is the solicitation agent (212 538-2147 or 800 820-1653). Bondholder Communications Group is the information and tabulation agent (888 385-2663.
Hovnanian is a Red Bank, N.J., homebuilder.
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