Hovnanian to redeem 9 1/8% notes

New York, Feb. 26 - Hovnanian Enterprises Inc. said it will redeem all its outstanding 9 1/8% senior notes due 2009 using proceeds of its offering of $150 million 6 3/8% notes due 2014.

The new notes were priced Thursday to yield 6½% through the Red Bank, N.J., home builder's K. Hovnanian Enterprises Inc. subsidiary.

Proceeds remaining after the notes are redeemed will be used for general corporate purposes.

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