Hovnanian Enterprises Inc. said the extended early tender deadline for its subsidiary K. Hovnanian Enterprises' previously announced private offer to exchange certain of its senior notes expired at 5 p.m. ET on May 11.
The unit offered to exchange $440.0 million of its outstanding 10.0% senior secured notes due 2022, and associated consent solicitations, and $400.0 million of its 10.5% senior secured notes due 2024 for newly issued 3.0% senior notes due 2047.
The minimum exchange condition related to the offer, which required at least $50.0 million of the notes to be validly tendered by the extended early deadline, has not been met, so K. Hovnanian will not accept any notes in the offer and will return the notes that were already tendered, along with any related consents.
Global Bondholder Services Corp. served as the exchange, tabulation and information agent for the offer, and for the consent solicitations for the notes due 2022.