Hovnanian Announces Pricing Of Public Offering Of $41,581,000 Aggregate Principal Amount Of Senior Notes

RED BANK, N.J., Sept. 11, 2013 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE:HOV) (the "Company") announced today the pricing of a registered underwritten public offering by K. Hovnanian Enterprises, Inc. ("K. Hovnanian"), the Company's wholly-owned subsidiary, of its 6.25% Senior Notes due 2016 (the "Notes"). The offering was priced at 100% of the $41,581,000 principal amount of Notes to be issued, resulting in net proceeds of approximately $40,853,333. The Notes are being issued as additional 6.25% Senior Notes due 2016 under the indenture dated as of August 8, 2005. Credit Suisse Securities (USA) LLC is serving as the sole book-running manager for the offering. The offering is subject to customary closing conditions.

The Company intends to use the net proceeds from this offering to fund the redemption of all of K. Hovnanian's outstanding 6.5% Senior Notes due 2014 and 6.375% Senior Notes due 2014 and to pay related fees and expenses.

The Notes will be issued pursuant to an effective registration statement previously filed with the Securities and Exchange Commission on Form S-3 and available for review on the SEC's website at http://www.sec.gov . A preliminary prospectus supplement related to the offering has been filed with the Securities and Exchange Commission and is available on the SEC's website at http://www.sec.gov . Copies of the preliminary prospectus supplement and the accompanying base prospectus may be obtained from Credit Suisse Securities (USA) LLC Prospectus Department, One Madison Avenue, New York, NY 10010 or by calling 1-800-221-1037.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer of the securities will be made only by means of a prospectus, forming a part of the effective registration statement, the applicable preliminary prospectus supplement and other related documents.

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