K. Hovnanian Enterprises, Inc. Announces Amendments To Exchange Offers And Consent Solicitations

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Nov 22, 2019
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MATAWAN, N.J., Nov. 21, 2019 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV) (the “Company”) announced today that its wholly-owned subsidiary, K. Hovnanian Enterprises, Inc. (the “Issuer”), has amended certain terms of its previously announced offers to exchange (the “Exchange Offers”) its outstanding 10.000% senior secured notes due 2022 (the “Old 2022 Notes”) and outstanding 10.500% senior secured notes due 2024 (the “Old 2024 Notes” and, together with the Old 2022 Notes, the “Old Notes”) for up to $240,000,000 aggregate principal amount (the “New Notes Cap”) of 10.000% 1.75 Lien Notes due 2025 (the “New 2025 Notes”) to be issued by the Issuer and guaranteed by the Company and substantially all of its subsidiaries, other than the Issuer, its home mortgage subsidiaries, certain of its title insurance subsidiaries, joint ventures and subsidiaries holding interests in joint ventures (collectively, the “Guarantors”) and related solicitations of consents from holders of the Old Notes to certain proposed amendments to the indenture governing the Old Notes (the “Consent Solicitations”), which Exchange Offers and Consent Solicitations are being made on the terms and subject to the conditions set forth in the Confidential Offering Memorandum and Consent Solicitation Statement, dated November 4, 2019 (as amended by the Confidential Supplement, dated November 21, 2019, and as may be further amended or supplemented from time to time, the “Offering Memorandum”). Additionally, the Company and the Issuer announced today that the early participation date had passed and the withdrawal deadline had expired for the Exchange Offers at 5:00 p.m., New York City time, on November 18, 2019.