set plans to sell $300 million worth of senior notes.
The Red Bank, N.J., homebuilder said the 7.5% 10-year notes will be issued by K. Hovnanian Enterprises and will be guaranteed by Hovnanian Enterprises. The company will use the proceeds to pay down debt. The The offering is expected to close on Feb. 27.Credit Suisse, Citigroup, Wachovia Securities and UBS Investment Bank are acting as joint book-running managers for the offering with Bank of America Securities LLC, JPMorgan, RBS Greenwich Capital, BNP Paribas, Calyon Securities (USA) Inc. and Piper Jaffray acting as co-managers.
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