Hovnanian Enterprises, Inc. (HOV: Quote) said Tuesday that it has commenced a registered underwritten public offering of Class A Common Stock.
The offering is anticipated to consist of the issuance of 25 million shares of the company's Class A Common Stock.
In addition, the company plans 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.
The company said it plans to use the net proceeds of the offering to purchase certain of its 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.
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by RTT Staff Writer
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