RED BANK, N.J., Sept. 18, 2012 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV) (the "Company") announced today that its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. ("K. Hovnanian"), plans to issue exchangeable note units (the "Units") in an underwritten public offering (the "Units Offering"). The offering is anticipated to consist of the issuance of 90,000 Units, each with a stated amount of $1,000 and each comprised of a zero-coupon senior exchangeable note due December 1, 2017 and a senior amortizing note due December 1, 2017. The notes comprising the Units will be guaranteed by the Company and certain of its subsidiaries. In addition, K. Hovnanian intends to grant the underwriters a 13-day option to purchase up to an additional 10,000 Units sold to cover over-allotments. Concurrently with this offering, K. Hovnanian plans to issue an aggregate principal amount of up to $550,000,000 of senior secured first lien notes due 2020 (the "First Lien Notes") and $247,000,000 of senior secured second lien notes due 2020 (the "Second Lien Notes" and, together with the First Lien Notes, the "Notes") in a private placement (the "Notes Offering").
K. Hovnanian Enterprises, Inc. Announces New Exchangeable Note Units Offering
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