Deals
Hovnanian Declines After Announcing Plan to Sell Shares
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Hovnanian Enterprises Inc., the largest homebuilder in New Jersey, had its biggest decline in New York trading since January after disclosing plans to sell 25 million shares to buy debt.
The company will use proceeds from the sale to buy some of its senior unsecured notes in a private transaction, the Red Bank, New Jersey-based company said in a statement yesterday after the close of regular U.S. trading. Hovnanian also may use money from the offering for general corporate purposes, including debt payment or refinancing.