RED BANK, N.J., Sept. 18, 2012 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV) (the "Company") today announced that its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. ("K. Hovnanian"), intends to commence a tender offer (the "Offer") to purchase for cash any and all of its 10 5/ 8% Senior Secured Notes Due 2016 (the "Notes") upon the terms and subject to the conditions set forth in an Offer to Purchase and Consent Solicitation Statement, dated the date hereof (as it may be amended or supplemented from time to time, the "Statement"), and in the related Letter of Transmittal and Consent (as the same may be amended or supplemented from time to time, the "Letter of Transmittal" and collectively with the Statement, the "Offer Documents"). Concurrently with the Offer, and on the terms and subject to the conditions set forth in the Statement, K. Hovnanian will solicit consents (the "Consent Solicitation") of holders of the Notes that would eliminate most of the restrictive covenants and certain of the events of default contained in the indenture governing the Notes. The early tender deadline is 5:00 p.m., New York City time, on October 1, 2012 (such time and date, as it may be extended, the "Early Tender Deadline"), and the Offer will expire at 12:00 midnight, New York City time, on October 16, 2012 (such time and date, as it may be extended, the "Expiration Time"), in each case unless earlier terminated by the K. Hovnanian. Notes tendered may be withdrawn at any time at or before 5:00 p.m., New York City time, on October 1, 2012 (such time and date, as it may be extended, the "Withdrawal Deadline") but not thereafter. The total consideration for each $1,000 principal amount of Notes validly tendered at or before the Early Tender Deadline and purchased pursuant to the Offer will be $1,085.00. The total consideration includes a payment of $30.00per $1,000 principal amount of Notes payable only in respect of Notes tendered with consents at or before the Early Tender Deadline. Holders validly tendering Notes after the Early Tender Deadline but at or before the Expiration Time will be eligible to receive only the tender offer consideration of $1,055.00 per $1,000 principal amount of Notes, namely an amount equal to the total consideration less the early tender payment. In addition, holders whose Notes are purchased in the Offer will receive accrued and unpaid interest in respect of their purchased Notes from the last interest payment date to, but not including, the applicable payment date for the Notes.