Hovnanian exchanges $168.8M unsecured debt for $93.5M new secured term loans and $31.5M cash

HOVNANIAN ENTERPRISES INC

Exchanged $64M of 13.5% Notes due 2026 and $21.5M cash for $42.5M of new 1.75 Lien Term Loans at 10% interest.
Exchanged $65.2M of 5.0% Notes due 2040 for $31.4M of new 1.75 Lien Term Loans.
Exchanged $39.6M of 5.0% Unsecured Term Loans due 2027 and $10M cash for $19.6M new Term Loans; that credit agreement terminated.
Total 1.75 Lien Term Loans now $175M; interest rate may rise to weighted avg. 11.75% on portion when priority secured debt issued.
Remaining unsecured debt: $26.6M of 13.5% Notes and $25M of 5.0% Notes outstanding ($51.6M total).

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