Hovnanian selling $42 million tap of 6¼% notes due 2016 Wednesday

By Paul A. Harris

Portland, Ore., Sept. 11 - K. Hovnanian Enterprises, Inc. plans to price a $41,581,000 tack-on to its non-callable 6¼% senior notes due Jan. 15, 2016 (existing ratings Caa2/CCC) on Wednesday, according to an informed source.

Credit Suisse Securities (USA) LLC is the bookrunner for the public offer.

The Red Bank, N.J.-based homebuilder plans to use the proceeds to fund the redemption of all of its outstanding 6½% senior notes due 2014 and 6 3/8% senior notes due 2014.

The original $300 million issue priced at 98.429 to yield 6.46% in August 2005.

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