Hovnanian Enterprises, Inc. (NYSE:HOV) announced the commencement of private offers to exchange the senior notes listed in the table below (collectively, the "Senior Notes") for up to $220 million of new 2.00% Senior Secured Notes due 2021 (the "New Secured Notes") to be issued in a private placement by K. Hovnanian Enterprises, Inc., a wholly-owned subsidiary of the Company ("K. Hovnanian"), and to be guaranteed by the Company and substantially all of its restricted subsidiaries. The New Secured Notes will be secured by a first-priority lien on the assets of certain subsidiaries that are "unrestricted subsidiaries" under the Company's existing indentures.

Read full article and disclaimer at: http://crwewallstreet.com/?p=21578