Hovnanian extends $125M credit facility maturity to June 2024, switches to SOFR-based floating rate

HOVNANIAN ENTERPRISES INC

Maturity extended from Dec 28, 2022 to June 30, 2024, reducing near-term refinancing risk.
Fixed 7.75% rate replaced with floating SOFR + 4.50% (floor 1.00%) or ABR + 3.50%.
Unused commitment fee set at 1.00% per annum on undrawn revolving commitments.
Facility size remains $125 million; all lenders consented to the amendment.
Guarantors reaffirmed obligations; collateral continues to secure loans.

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