Hovnanian Enterprises, Inc.
Hovnanian Announces Debt Refinancing
Published in Healthcare Finance, Tax and Law Weekly, May 28th, 2008
Hovnanian Enterprises, Inc. (NYSE:HOV) announced that it plans to issue an aggregate principal amount of up to $600.0 million of 5-year senior secured notes (the "Notes") in a private placement. The Company also expects to enter into an amendment to its revolving credit agreement which decreases total commitments thereunder to $300.0 million, increases the amount of collateral, and substantially eliminates maintenance covenants (the "New Revolving Credit Agreement"). The amendment has been approved by the Lenders subject to issuance of the Notes.
The Notes would be secured on a second-priority lien basis on substantially all the assets owned by the Company and...
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