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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
09/01/201406:26:06MARKET SNAPSHOT: Why September May Slow Further S&P Records
06/02/201409:12:07MARKET SNAPSHOT: Volume, VIX And Yields Are Stock Market's Bogeymen
03/05/201416:49:16MARKET SNAPSHOT: U.S. Stocks End Choppy Day Down
03/05/201414:48:30MARKET SNAPSHOT: U.S. Stocks Choppy; Mild Reaction To Beige Book
03/05/201413:58:19MARKET SNAPSHOT: U.S. Stocks Cautious After Rally; S&P 500 Eyes...
03/05/201411:30:24MARKET SNAPSHOT: U.S. Stocks Buckle After Big Rally; ISM, ADP...
12/08/201308:17:17MARKET SNAPSHOT: Comfort With Taper, Retail Data To Define Week...
11/15/201307:10:27AQR Capital Management 3Q 13F: Largest Purchases -2-
11/15/201307:10:23AQR Capital Management 3Q 13F: Largest Sales
09/09/201310:20:22Hovnanian Profit Slumps 76%
09/06/201315:22:40WEEK AHEAD: Dell Vote at Last; Clues to the Housing Recovery
05/31/201316:30:16WEEK AHEAD: More Retailers to Report; Jobs Report on Friday
10/17/201212:52:36U.S. Stocks Roughly Flat as IBM Balances Strong Housing Data
09/19/201209:15:29U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
06/06/201210:30:10Hovnanian Swings To Profit As Sales Jump
04/04/201214:20:04US Stocks Tumble On Central Bank Worries
06/07/201117:29:15Hovnanian 2Q Loss Widens As Revenue Plunged Amid Lower Orders
03/02/201112:13:23Hovnanian's Chief Accounting Officer To Retire
03/01/201117:16:24Hovnanian Swings To 1Q Loss After Year-Earlier Tax Gains
02/04/201108:43:24Hovnanian Gives Pricing Details On Equity And Note Sale

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