The Firm represented Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder and a long-standing client of the Firm, in connection with concurrent registered offerings of $155,000,000 11-7/8% Senior Notes due 2015, 13,512,500 shares of Class A common stock and 3,450,000 7.25% Tangible Equity Units (including in the case of the common stock and the Tangible Equity Units, the underwriters’ full exercise of their over-allotment option), which resulted in aggregate gross proceeds of approximately $300 million. Hovnanian used a portion of the proceeds from the offerings to fund cash tender offers and redemptions for certain series of its unsecured senior and senior subordinated notes.
The Simpson Thacher team included Vincent Pagano, Marisa Stavenas, Roxane Reardon, Will Golden, Emily Ho and Federico Fruhbeck (Capital Markets), Adeeb Fadil (Environmental), Marcy Geller and Vanessa Cohen (Tax), Mardi Merjian (Real Estate), Jamin Koslowe (Executive Compensation and Employee Benefits), Marcela Robledo (Intellectual Property) and Jennie Getsin (FINRA). Corporate paralegal Matthew Dresher also provided valuable assistance.