logo
Share SHARE
FONT-SIZE Plus   Neg

Hovnanian Announces Proposed Public Offering Of Class A Common Stock

Hovnanian Enterprises, Inc. (HOV) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Discount retailer Family Dollar Stores Inc., which is being acquired by rival Dollar Tree Inc., said Wednesday after the markets closed that its third quarter profit fell slightly from last year, due mainly to a higher effective tax rate. The company's quarterly earnings per share, excluding items, also came in below analysts' expectations. Most of the major automakers, except General Motors Co. (GM), Wednesday reported improved sales results for June, as strong sales of trucks and SUVs continued to help offset weak car sales. Nonetheless, GM's June U.S. sales dropped 3 percent to 259,353 units from 267,461 units last year. The drop... Media and entertainment giant Walt Disney Co. said Tuesday that Christine McCarthy, the company's Treasurer for the past 15 years, will succeed James Rasulo as Chief Financial Officer.
comments powered by Disqus
RELATED NEWS
Trade HOV now with 
Follow RTT