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Hovnanian To Offer $50 Million In Stock, 3M Units, To Refinance Debt

DOW JONES NEWSWIRES Hovnanian Enterprises Inc. (HOV) detailed plans to offer $50 million of the home builder's Class A shares, three million tangible equity units and senior unsecured notes, with plans to use the proceeds to purchase earlier notes. Shares of Hovnanian, which builds homes in 18 states, slid 2.9% to $4.29 in after-hours trading, as the amount of shares will increase after the offering. Hovnanian, which is the latest in a string of companies looking to take advantage of record-low interest rates by refinancing debt, has about 78.8 million shares outstanding. Hovnanian said the equity units will each comprise of a prepaid stock purchase contract issued by the company and a senior subordinated note due in 2014. Hovnanian also intends to offer $150 million of senior unsecured notes due in 2015. The company intends to use the proceeds to fund the purchase of Hovnanian's notes due in 2012 and 2013. The remainder of the proceeds will be used for general corporate purposes. In December, Hovnanian reported its fiscal fourth-quarter loss narrowed on lower land-related charges than a year earlier, though revenue and contracts slid. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for Hovnanian Ent (HOV)
DateTimeHeadline
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03/12/201516:10:14MARKET SNAPSHOT: U.S. Stocks: Futures Up Ahead Of Retail Sales...
03/12/201516:08:35MARKET SNAPSHOT: U.S. Stocks: Futures Creep Higher Ahead Of Retail...
03/12/201516:07:46MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Retail Sales
03/12/201516:05:53MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Retail Sales
03/12/201512:19:07MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Retail Sales
03/12/201509:15:00Hovnanian Enterprises Reports Fiscal 2015 First Quarter Results
03/03/201504:43:51Regular Debt Maturities Weaken Hovnanian's Foundation
02/26/201513:00:00Hovnanian Enterprises Announces First Quarter Fiscal Year 2015...
02/23/201510:51:36Homebuilders lower after soft sales report, downgrades
02/16/201513:00:00Hovnanian Enterprises' Presentation at the 2015 J.P. Morgan Global...
12/15/201413:18:46U.S. Home-Builder Confidence Declined Slightly in December
12/10/201409:15:00Hovnanian Enterprises Reports Fiscal 2014 Results
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09/04/201409:05:14MARKET SNAPSHOT: U.S. Stocks: Futures Higher After ECB Rate Cut...

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