By Sarah Lizee
Olympia, Wash., Dec. 11 – Hovnanian Enterprises, Inc. wholly owned subsidiary K. Hovnanian Enterprises, Inc. said $158,502,000 of 10% senior secured 1.75-lien notes due 2025 were issued in exchange for old notes tendered in its previously announced exchange offers, according to an 8-K filing with the Securities and Exchange Commission.
As previously reported, the offers expired at 11:59 p.m. ET on Dec. 5, and holders had tendered $23,152,000, or 10.6%, of its $218,994,000 10% senior secured notes due 2022 and $141,708,000, or 67%, of the $211,391,000 10½% senior secured notes due 2024.
Those notes were accepted without proration for exchange for the new notes.
The company issued in exchange for every $1,000 of old notes due 2022, $1,005 principal amount of new 2025 notes, and for every $1,000 of old notes due 2024, $955 principal amount of new 2025 notes.
The consideration includes a $5 early exchange premium for notes tendered by 5 p.m. ET on Nov. 18, the early deadline.
Holders also received accrued interest.
Hovnanian is a Matawan, N.J., homebuilder.
| Issuer: | Hovnanian Enterprises
|
| Issue: | Senior secured 1.75-lien notes
|
| Amount: | $158,502,000
|
| Maturity: | Nov. 15, 2025
|
| Coupon: | 10%
|
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