Hovnanian issues class A stock in exchange for $3.3 million of notes

By Ashley Montgomery

Kansas City, Kan., March 22 - Hovnanian Enterprises, Inc. issued 900,227 shares of its class A common stock in exchange for $3.3 million of its notes, according to an 8-K filed with the Securities and Exchange Commission.

The exchanged notes included $2 million of the company's 8 5/8% senior notes due 2017 and $1.3 million of its 12.072% senior subordinated amortizing notes.

The exchange follows agreements made with bondholders on March 7 and 16.

Hovnanian is a Los Angeles-based homebuilder.

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