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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (123585)	5/16/2008 6:44:01 PM
From: Jim McMannis	Respond to of 306849

Hovnanian Announces Debt Refinancing biz.yahoo.com RED BANK, N.J., May 16 /PRNewswire-FirstCall/ -- Hovnanian Enterprises, Inc. (NYSE: HOV - News) announced today that it plans to issue an aggregate principal amount of up to $600.0 million of 5-year senior secured notes (the "Notes") in a private placement. The Company also expects to enter into an amendment to its revolving credit agreement which decreases total commitments thereunder to $300.0 million, increases the amount of collateral, and substantially eliminates maintenance covenants (the "New Revolving Credit Agreement"). The amendment has been approved by the Lenders subject to issuance of the Notes.