January 18, 2017 8:22 AM ET

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Company Overview of K. Hovnanian Enterprises, Inc.

Company Overview

K. Hovnanian Enterprises, Inc. was founded in 1959 and is based in Red Bank, New Jersey with additional location in California. K. Hovnanian Enterprises, Inc. operates as a subsidiary of Hovnanian Enterprises Inc.

110 West Front Street

P.O. Box 500

Red Bank, NJ 07701

United States

Founded in 1959

Phone:

732-747-7800

Fax:

732-383-2945

Key Executives for K. Hovnanian Enterprises, Inc.

K. Hovnanian Enterprises, Inc. does not have any Key Executives recorded.

K. Hovnanian Enterprises, Inc. Key Developments

K. Hovnanian Enterprises, Inc. Announces Expiration of Tender Offer and Related Consent Solicitation and Intended Redemption of Notes

Hovnanian Enterprises, Inc. announced that its wholly-owned subsidiary's, K. Hovnanian Enterprises, Inc., previously announced tender offer to purchase for cash any and all of its 8.625% Senior Notes due 2017 and related solicitation of consents on September 7, 2016 at 8:30 a.m., New York City time. Notes tendered in the Tender Offer were less than 90% of the aggregate outstanding principal amount of Notes on July 29, 2016 (the Minimum Participation Amount"), which was a condition to the Tender Offer and Consent Solicitation. As a result, K. Hovnanian will not accept for purchase or pay for any Notes tendered pursuant to the Tender Offer and the proposed amendments to the indenture under which the Notes were issued (the Notes Indenture") that were the subject of the Consent Solicitation will not be effected. K. Hovnanian has instructed the depositary and information agent to promptly return all Notes previously tendered to the tendering holders. Concurrently with the launch of the Tender Offer and Consent Solicitation, the Company and K. Hovnanian entered into financing commitments (collectively, the Financings") with affiliates of a certain investment manager. K. Hovnanian intends to use a portion of the net cash proceeds of the Financings to call the Notes for redemption at the closing of the Financings, which is expected to occur on September 8, 2016. The Notes will be redeemed for cash at a price equal to 100% of the principal amount of the Notes plus a make-whole payment together with accrued and unpaid interest on the Notes up to, but excluding, the redemption date (the Redemption Price"). K. Hovnanian expects to deposit funds sufficient to pay the Redemption Price and to satisfy and discharge the Notes Indenture on the closing date of the Financings. Upon satisfaction and discharge of the Notes Indenture, the restrictive covenants and events of default contained therein will cease to have effect. The aggregate outstanding principal amount of the Notes is $121,043,000.

K. Hovnanian Enterprises, Inc. Extends the Early Tender Deadline of 8.625% Senior Notes Due 2017

On August 12, 2016, Hovnanian Enterprises, Inc. announced that its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. has extended the early tender deadline by which holders of its 8.625% Senior Notes due 2017 must tender such Notes in K. Hovnanian’s previously announced cash tender offer and consent solicitation for any and all of the Notes in order to receive the Total Consideration to the “Expiration Time” for the Tender Offer and Consent Solicitation, which is on September 7, 2016. Accordingly, all Notes validly tendered and not withdrawn at or before the Expiration Time will be eligible to receive the total consideration of $1,010 per $1,000 principal amount of Notes purchased pursuant to the Tender Offer and Consent Solicitation. The Total Consideration includes a payment of $30.00 per $1,000 principal amount of Notes, which was previously payable only in respect of Notes tendered with consents on August 11, 2016, but which is now payable in respect of all Notes tendered with consents at or before the Expiration Time. In addition to the Total Consideration, all holders whose Notes are purchased in the Tender Offer will receive accrued and unpaid interest in respect of their purchased Notes from the most recent interest payment date to, but not including, the payment date for Notes purchased in the Tender Offer. The “Withdrawal Deadline” for the Tender Offer and Consent Solicitation on August 11, 2016 has passed and holders may no longer withdraw Notes tendered or revoke consents delivered in the Tender Offer and Consent Solicitation.

K. Hovnanian Enterprises Inc. Launches 8.625% Senior Notes Tender Offer

K. Hovnanian Enterprises Inc. launched a cash tender offer to buy its 8.625% senior notes due 2017. The tender offer will expire on Sept. 7. Holders of the notes have until 5 p.m. ET on Aug. 11, unless extended or earlier terminated, to validly tender their notes. The total consideration for each $1,000 principal amount of the notes validly tendered and not withdrawn at or before the early tender deadline will be $1,010.00, plus applicable interest. Holders validly tendering notes after the early tender deadline but at or before the Sept. 7 expiration will be eligible to receive only the tender offer consideration of $980.00 per $1,000 principal amount of the notes, plus applicable interest.

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