Hovnanian issues $900M of 8.000%/8.375% senior notes to refinance secured debt and new $125M revolver

HOVNANIAN ENTERPRISES INC

Issued $450M 8.000% Senior Notes due 2031 and $450M 8.375% Senior Notes due 2033 in a private placement.
Proceeds used to redeem all outstanding 11.75% 1.25 Lien Notes due 2029 and 8.0% 1.125 Lien Notes due 2028 at make-whole/premium.
Repaid entire Senior Secured 1.75 Lien Term Loan Facility due 2028 at par plus accrued interest.
New $125M senior secured first lien revolving credit facility became effective concurrently.
All liens on collateral securing old debt were released; new notes are senior unsecured.

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