Hovnanian Enterprises Inc.'s subsidiary K. Hovnanian Enterprises Inc. said its offer to exchange up to $185 million of its outstanding 8.0% senior notes due 2019 for cash, newly issued 13.5% senior notes due 2026 and newly issued 5.0% notes due 2040, has expired.
K. Hovnanian received tenders from the holders of $170,226,000, or 72.14%, of the total outstanding principal amount of the existing notes.
Hovnanian Enterprises also entered into agreements with Blackstone Group LP's GSO Capital Partners credit platform for a senior unsecured term loan facility with $132.5 million of initial term loans and $80 million of delayed draw term loans, and an up to $125.0 million senior secured first lien revolving credit facility, as previously announced.
