Hovnanian's preliminary fourth-quarter results show $390 million debt reduction

By Devika Patel

Knoxville, Tenn., Nov. 6 - Hovnanian Enterprises, Inc. reported it has retired $390 million worth of debt in its preliminary results for the fiscal fourth quarter ended Oct. 31.

The report said the company has made significant headway in reducing debt. Hovnanian repaid $140 million of its $150 million outstanding 10½% senior notes and reduced the amount drawn under its $1.5 billion unsecured revolving credit facility by $250 million - the amount drawn was down to $206 million at Oct. 31 from $456 million at July 31.

The Red Bank, N.J., homebuilder said it expects to finalize and release complete results for the fiscal fourth quarter after the New York Stock Exchange closes on Dec. 18.

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