RED BANK, N.J., July 21 /PRNewswire-FirstCall/ -- Hovnanian Enterprises, Inc. (NYSE: HOV) (the "Company") today announced the expiration and final results of the cash tender offers by its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. ("K. Hovnanian"), for (i) any and all of its outstanding $28,870,000 6% Senior Subordinated Notes due 2010 (the "2010 Notes") (the "2010 Tender Offer") at a fixed purchase price, (ii) the maximum aggregate principal amount of its 8% Senior Notes due 2012 (the "8% 2012 Notes"), 8 7/8% Senior Subordinated Notes due 2012 (the "8 7/8% 2012 Notes") and 7 3/4% Senior Subordinated Notes due 2013 (the "7 3/4% 2013 Notes") (collectively, the "2012-2013 Notes") that it can purchase for $40.0 million (the "2012-2013 Tender Offer") at a purchase price determined in accordance with the procedures of a modified "Dutch Auction" and (iii) the maximum aggregate principal amount of its 6 1/2% Senior Notes due 2014, 6 3/8% Senior Notes due 2014, 6 1/4% Senior Notes due 2015, 6 1/4% Senior Notes due 2016, 7 1/2% Senior Notes due 2016 and 8 5/8% Senior Notes due 2017 (collectively, the "2014-2017 Notes," and together with the 2012-2013 Notes and the 2010 Notes, the "Notes") that it can purchase for $20.0 million (the "Maximum Payment Amount") (the "2014-2017 Tender Offer," and together with the 2012-2013 Tender Offer and the 2010 Tender Offer, the "Tender Offers") at a purchase price determined in accordance with the procedures of a modified "Dutch Auction." Each Tender Offer expired at 8:00 a.m., New York City time, on July 20, 2009 (with respect to each Tender Offer, the "Expiration Date").
Holders of Notes must have validly tendered and not withdrawn their Notes on or prior to 5:00 p.m., New York City time, on July 2, 2009 (with respect to each Tender Offer, the "Early Participation Date"), in order to receive the Total Consideration (as set forth in the Offers to Purchase, dated June 19, 2009 (the "Offers to Purchase")) for their Notes. The Total Consideration includes an early participation payment of $30.00 for each $1,000 principal amount of Notes validly tendered on or before the Early Participation Date and accepted in the applicable Tender Offer (with respect to each Tender Offer, the "Early Participation Payment"). Holders that validly tendered their Notes after the Early Participation Date and on or prior to the Expiration Date will only receive the Tender Offer Consideration for such Notes, which is equal to the Total Consideration for such Notes less the Early Participation Payment.
