(RTTNews) - Hovnanian Enterprises, Inc. (HOV) Wednesday said its unit K. Hovnanian Enterprises, Inc. intends to privately offer $450 million of senior notes due 2031 and $450 million of senior notes due 2033.
K. Hovnanian expects to use the proceeds from the offering to redeem its 8% senior secured 1.125 Lien Notes due 2028 at a price equal to 104% of the principal amount and the 11.75% senior secured 1.25 Lien Notes due 2029 at a price equal to 100% of the principal amount; to pay off debts under its senior secured 1.75 Lien Term Loan Facility due 2028; and for expenses related to the above and the offering of the notes.
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