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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;

Stock News for Hovnanian Ent (HOV)
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