trending Market Intelligence /marketintelligence/en/news-insights/trending/Lxx_Y7JdalND1YhaMfkevQ2 content esgSubNav
In This List

Hovnanian Enterprises unit details exchange offer for up to $185M of debt


Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise


FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Hovnanian Enterprises unit details exchange offer for up to $185M of debt

A wholly owned subsidiary of Hovnanian Enterprises Inc. launched a private offer to exchange up to $185.0 million of its outstanding 8.000% senior notes due 2019 for cash; newly issued 13.5% senior notes due Feb. 1, 2026; and newly issued 5.0% senior notes due Feb. 1, 2040.

The exchange offer will expire Jan. 29, 2018, at 11:59 p.m. ET, unless extended or earlier terminated. Interest on the new 2026 notes and 2040 notes will be paid Feb. 1 and Aug. 1 of each year, beginning Aug. 1, 2018.

In connection with the exchange offer, the company entered into an agreement with Blackstone Group LP's credit platform GSO Capital Partners and associated funds to refinance certain of the 2019 notes and to purchase $25 million of the 2024 notes.

GSO Capital Partners and its associated funds will also provide the company with a new $125 million senior secured first-lien revolving credit facility, with $75 million to go toward refinancing its existing first priority secured term loan and the rest toward general corporate purposes.