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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
12/08/201611:20:00Home Builder Hovnanian Posts Disappointing Results
12/08/201609:15:00Hovnanian Enterprises Reports Fiscal 2016 Results
12/03/201607:29:00Earnings Reports Could Shed Light on Home Building Sector
11/22/201610:30:00Hovnanian Enterprises Announces Fiscal Year 2016 Earnings Release...
11/02/201611:00:00Hovnanian Enterprises’ Presentation at the UBS Building & Building P...
09/20/201610:30:00Hovnanian Enterprises’ Presentation at the Deutsche Bank 2016 L...
09/09/201611:10:00Hovnanian Enterprises Cuts Outlook and Misses Estimates
09/09/201609:15:00Hovnanian Enterprises Reports Fiscal 2016 Third Quarter Results
09/07/201616:27:15K. Hovnanian Enterprises, Inc. Announces Expiration of Tender...
08/26/201610:00:00Hovnanian Enterprises Announces Third Quarter Fiscal Year 2016...
08/12/201607:30:00K. Hovnanian Enterprises, Inc. Announces Extension of Early Tender...
07/29/201608:00:00K. Hovnanian Enterprises, Inc. Announces Tender Offer and Consent...
07/05/201608:05:00Industrial Goods Sector Equities Under the Scanner -- Ametek...
06/29/201612:18:00Hovnanian Enterprises and GTIS Partners LP Announce Formation...
06/03/201615:00:00Hovnanian Enterprises’ Presentation At The Barclays High Yield B...
06/02/201611:04:00MARKET SNAPSHOT: U.S. Stocks Weighed By Tumbling Oil On OPEC...
06/02/201609:15:00Hovnanian Enterprises Reports Fiscal 2016 Second Quarter Results
05/26/201615:00:00Hovnanian Enterprises Announces Second Quarter Fiscal Year 2016...
05/11/201614:30:00Hovnanian Enterprises’ Presentation at the 9th Annual J.P. M...
05/03/201615:30:00Hovnanian Enterprises’ Presentation at the 2016 Wells Fargo I...

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