Davis Polk advised Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC as joint book-running managers and the initial purchasers on a Rule 144A and Regulation S offering by K. Hovnanian Enterprises, Inc. of $150 million aggregate principal amount of 7% senior notes due 2019. The notes are guaranteed by Hovnanian Enterprises, Inc. and substantially all of its subsidiaries. A portion of the proceeds of the offering will be used to fund the redemption of K. Hovnanian Enterprises, Inc.’s outstanding 6.25% senior notes due 2015.
K. Hovnanian Enterprises, Inc. is a subsidiary of Hovnanian Enterprises, Inc., which is headquartered in Red Bank, New Jersey, and is one of the nation’s largest builders of residential homes.
The Davis Polk capital markets team included partner Michael Kaplan, counsel Jeff Ramsay, associate Roshni S. Banker and law clerk David He. Partner Lucy W. Farr and associate Adam B. Perry provided tax advice. The environmental team included counsel Loyti Cheng and associate Michael Comstock. Rosemarie Melendez was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.
