DOW JONES NEWSWIRES Hovnanian Enterprises Inc. (HOV) gave pricing details for its previously announced equity and notes offerings, saying it will sell its Class A shares at a 4.2% discount. The builder said it plans to sell at least $50.5 million worth of the shares at $4.30 apiece, and it said it also will sell 3 million 7.25% tangible equity units at $25 apiece as well as $155 million of notes. Shares declined 0.7% to $4.46 in premarket action. The stock as of Thursday's close had risen 24% in the past year. Earlier this week, Hovnanian detailed plans to offer the Class A shares, tangible equity units and senior unsecured notes. It said on Friday that it plans to generate proceeds of about $47.7 million from the stock sale, $72.5 million from the tangible equity units and $147.9 million from the notes. The company intends to use the proceeds to fund the purchase of some notes coming due soon, as well as 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 Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com
