RED BANK, N.J., Jan. 31, 2011 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV) (the "Company") announced today the commencement of registered underwritten public offerings of Class A Common Stock, tangible equity units and senior unsecured notes. The offerings are anticipated to consist of the issuance of $50 million of the Company's Class A Common Stock, 3,000,000 tangible equity units, each with a stated amount of $25 and comprised of a prepaid stock purchase contract issued by the Company and a senior subordinated amortizing note due 2014 issued by K. Hovnanian Enterprises, Inc. ("K. Hovnanian"), the Company's wholly-owned subsidiary, and $150 million aggregate principal amount of senior unsecured notes due 2015 issued by K. Hovnanian (the "Notes"). In addition, the Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of Class A Common Stock and tangible equity units sold to cover over-allotments. None of the offerings is contingent upon completion of any of the other offerings and each of the offerings is being conducted as a separate public offering.
Hovnanian Enterprises, Inc. Announces Proposed Public Offerings Of Class A Common Stock, Tangible Equity Units And Senior Unsecured Notes
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