Hovnanian holders exchange $4.1 million of 8 5/8% notes for stock

By Marisa Wong

Madison, Wis., March 30 - Hovnanian Enterprises, Inc. entered into agreements with bondholders on March 26 to exchange $4.1 million of its outstanding 8 5/8% senior notes due 2017 for shares of class A common stock, according to an 8-K filed Friday with the Securities and Exchange Commission.

As part of the exchange, the company issued 981,302 new class A shares.

Hovnanian is a Red Bank, N.J.-based real estate company.

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