Hovnanian Enterprises Completes $840 Million Senior Secured Notes Offerings and Related Tender Offers and Redemptions
09.15.17
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Simpson Thacher recently represented Hovnanian Enterprises, Inc. (NYSE: HOV), one of the nation’s largest homebuilders, in connection with the private placement offerings by K. Hovnanian Enterprises, Inc., its wholly owned subsidiary (“K. Hovnanian”), of $440 million 10% Senior Secured Notes due 2022 and $400 million 10.5% Senior Secured Notes due 2024. The offerings resulted in aggregate gross proceeds of $840 million. K. Hovnanian used the net proceeds of the offerings to fund the cash tender offers and consent solicitations (the “Tender Offers”) for any and all of its 10% Senior Secured Second Lien Notes due 2018, 9.125% Senior Secured Second Lien Notes due 2020 and 7.25% Senior Secured First Lien Notes due 2020 (collectively, the “Existing Secured Notes”) and to redeem any of its Existing Secured Notes not tendered pursuant to the Tender Offers.
The Simpson Thacher team included Marisa Stavenas, Arjun Koshal, Jonathan Ozner, Teresa Chen, John O’Connell, Jonathan Zane and Brandon Whittaker (Capital Markets); Soogy Lee and Jonathan Pall (Collateral); Jonathan Cantor and Sarah Katz (Tax); Adeeb Fadil (Environmental); Krista McManus and Dennis Loiacono (Real Estate); Marcela Robledo (Intellectual Property); and Jamin Koslowe (Executive Compensation and Employee Benefits).