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K. Hovnanian Enterprises, Inc. Commences Tender Offers For Certain Of Its Senior And Senior Subordinated Notes

RED BANK, N.J., Jan. 31, 2011 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV) (the "Company") announced today that its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. ("K. Hovnanian"), has commenced cash tender offers (each, a "Tender Offer" and collectively, the "Tender Offers") for any and all of its outstanding 8% Senior Notes due 2012 (CUSIP 442488AL6) (ISIN US442488AL67), 8 7/8% Senior Subordinated Notes due 2012 (CUSIP 442488AM4) (ISIN US442488AM41) and 7 3/4% Senior Subordinated Notes due 2013 (CUSIP 442488AP7) (ISIN US442488AP71) (collectively, the "Notes"). The terms and conditions of the Tender Offers are described in an Offer to Purchase, dated January 31, 2011, and a related Letter of Transmittal, which are being sent to holders of Notes.

The table set forth below lists the consideration applicable to each series of Notes that are the subject of the Tender Offers.

CUSIP Number ISIN Number Title of Security Aggregate Principal Amount Outstanding Late Tender Offer Consideration 1 Early Tender Premium 1 Total Tender Offer Consideration 1
442488AL6   US442488AL67   8% Senior Notes due 2012   $35,528,000   $973.30   $30.00   $1,003.30  
442488AM4   US442488AM41   8 7/8% Senior Subordinated Notes due 2012   $66,639,000   $973.75   $30.00   $1,003.75  
442488AP7   US442488AP71   7 3/4% Senior Subordinated Notes due 2013   $53,531,000   $986.00   $30.00   $1,016.00  
__________________ (1) Per $1,000 principal amount of Notes accepted for purchase. 

Holders of Notes must validly tender and not validly withdraw their Notes on or before 5:00 p.m., New York City time, on February 11, 2011, unless extended (such date and time, as the same may be extended, the "Early Tender Date") in order to be eligible to receive the Total Tender Offer Consideration. Holders of Notes who validly tender their Notes after the Early Tender Date and on or before the Expiration Date (as defined below) will be eligible to receive only the Late Tender Offer Consideration, which is equal to the Total Tender Offer Consideration minus the Early Tender Premium. In addition to the applicable tender offer consideration, holders whose Notes are accepted for purchase in a Tender Offer will receive accrued and unpaid interest up to, but not including, the applicable settlement date. K. Hovnanian may elect to accept for purchase prior to the expiration of each Tender Offer all Notes validly tendered on or before the Early Tender Date. It is anticipated that the settlement date for Notes validly tendered on or before the Early Tender Date will be February 14, 2011, if K. Hovnanian elects to accept such Notes for purchase prior to the expiration of the Tender Offers. It also is anticipated that the settlement date for Notes validly tendered after the Early Tender Date and on or before the Expiration Date (as well as for Notes validly tendered on or before the Early Tender Date if K. Hovnanian does not elect to accept such Notes for purchase prior to the expiration of the Tender Offers) will be March 1, 2011.

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