Hovnanian Enterprises Inc. has announced a new debt offering consisting of two series of senior notes. The company issued 8.000% Senior Notes due 2031 (the "2031 Notes"), which mature on April 1, 2031, and 8.375% Senior Notes due 2033 (the "2033 Notes"), which mature on October 1, 2033. Interest on both series will be paid semi-annually, beginning April 1, 2026. The 2031 Notes are redeemable at 100.000% of principal prior to April 1, 2028. The 2033 Notes may be redeemed at 104.188% of principal starting October 1, 2028, at 102.094% starting October 1, 2029, and at 100.000% starting October 1, 2030. Additionally, up to 40% of the aggregate principal of the 2033 Notes can be redeemed at 108.375% prior to October 1, 2028, with net cash proceeds from certain equity offerings. Proceeds from this offering, combined with cash on hand, will be used to redeem the outstanding 11.75% Senior Secured 1.25 Lien Notes due 2029 on September 25, 2025, at a redemption price equal to 100.000% of principal plus an applicable "Make-Whole Amount." The indenture for the notes includes customary restrictive covenants and events of default provisions. The full prospectus is attached as Exhibit 4.1 to the Current Report on Form 8-K.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Hovnanian Enterprises Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001753926-25-001557), on September 25, 2025, and is solely responsible for the information contained therein.
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