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Hovnanian Enterprises is a US-based company engaged in the development, construction and sale of residential homes.
Announcement (October 5, 2009):
K. Hovnanian plans to issue an aggregate principal amount of up to $775 million of senior secured notes due 2016 in a private placement.
Deal Value (US$ Million) 785 Deal Type Private Placement Sub-Category None Deal Status Completed: 2009-10-20
Deal Participants
Target (Company) K. Hovnanian Enterprises, Inc. Acquirer (Company) Undisclosed Investors
Deal Rationale
Hovnanian Enterprises intends to use the net proceeds from the offering together with cash on hand to fund the tender offers commenced pursuant to the offer to purchase and consent solicitation statement dated September 21, 2009, as amended, and to pay related fees and expenses. Any excess proceeds will be used for additional debt repurchases from time to time and/or for general corporate purposes.
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