Hovnanian to redeem 9½%, 2%, 5% notes via new note proceeds, cash

By Sarah Lizee

Olympia, Wash., Oct. 31 – Hovnanian Enterprises, Inc. and subsidiary K. Hovnanian Enterprises, Inc. issued notices of redemption for all of its outstanding 9½% senior secured notes due 2020, 2% senior secured notes due 2021 and 5% senior secured notes due 2021, according to an 8-K filing with the Securities and Exchange Commission.

The company plans to redeem the 9½% notes on Nov. 10 and the 2% and 5% notes on Nov. 30.

Proceeds from the issuance of $282.3 million new 1.25-lien notes together with cash on hand will be used for the redemptions.

Hovnanian is a Matawan, N.J., homebuilder.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.