Hovnanian Enterprises, Inc. Announces Proposed Public Offering Of Class A Common Stock

Hovnanian Enterprises, Inc. announced the commencement of a registered underwritten public offering of Class A Common Stock. The offering is anticipated to consist of the issuance of 25,000,000 shares of the Company's Class A Common Stock. In addition, the Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of Class A Common Stock sold to cover over-allotments. Citigroup, Credit Suisse and J.P. Morgan are serving as the joint book-running managers for the Class A Common Stock offering. The Company intends to use the net proceeds of the offering to purchase certain of the Company's senior unsecured notes in a private transaction and for general corporate purposes, including the refinancing, repurchase or repayment of indebtedness, working capital needs, capital expenditures and expansion of the business.