RED BANK, N.J., Sept. 20, 2012 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV) (the "Company") announced today that its wholly-owned subsidiary, K. Hovnanian Enterprises, Inc. ("K. Hovnanian"), priced its previously announced underwritten public offering of 6.00% senior exchangeable note units (the "Units") (the "Units Offering"). The Units Offering consists 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 granted the underwriters a 13-day option to purchase up to an additional 10,000 Units sold to cover over-allotments. K. Hovnanian also priced its previously announced offering of $577.0 million aggregate principal amount of 7.250% senior secured first lien notes due 2020 (the "First Lien Notes") and $220.0 million aggregate principal amount of 9.125% 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 Pricing Of Senior Exchangeable Note Units
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