K. Hovnanian Enterprises, Inc. Announces New Senior Notes Offering

Core Viewpoint - Hovnanian Enterprises, Inc. plans to offer $450 million in Senior Notes due 2031 and $450 million in Senior Notes due 2033 to fund the redemption of existing secured notes and repay loans [1] Group 1: Offering Details - The total amount of Senior Notes being offered is $900 million, split equally between two maturities: 2031 and 2033 [1] - The Notes will be guaranteed by Hovnanian Enterprises and its subsidiaries [1] - The proceeds will be used to redeem existing secured notes, including 8.0% Senior Secured 1.125 Lien Notes due 2028 at 104% of principal and 11.75% Senior Secured 1.25 Lien Notes due 2029 at 100% of principal plus applicable premiums [1] Group 2: Use of Proceeds - The net proceeds will also be used to repay all outstanding loans under the Senior Secured 1.75 Lien Term Loan Facility due 2028 at par [1] - Additional funds will cover fees and expenses related to the offering of the Notes [1] Group 3: Company Background - Hovnanian Enterprises, Inc. is one of the largest homebuilders in the U.S., operating in multiple states including Arizona, California, and Florida [3] - The company markets its homes under the trade name K. Hovnanian Homes and is a significant builder of active lifestyle communities [3]