Fitch: Hovnanian tender opportunistic

Fitch Ratings said it said that Hovnanian Enterprises, Inc. announced the commencement of a cash tender offer for its unsecured senior and senior subordinated notes.

The cash tender offer is an opportunistic transaction for Hovnanian that would allow the company to lower its absolute debt levels by between $116 million and $170 million for about $88.5 million of cash, the agency said.

Fitch added that holders of its senior subordinated notes due 2010 ($28.9 million outstanding) will be entitled to receive a cash consideration of at least $955 for each $1,000 principal amount accepted for purchase.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.