The net proceeds from the offering will be used for the repayment of debt outstanding under the company’s revolving credit facility.Red Bank-based Hovnanian Enterprises (NYSE: HOV) has begun the offering of 4 million depository shares representing its Series A Perpetual Preferred Stock, with a liquidation value of $25 per depositary share.
The company has also proposed to grant the underwriters an over-allotment option to purchase up to a maximum of 600,000 additional depositary shares. The preferred stock will not be convertible into the company”s common stock and will be redeemable at the company”s option at the liquidation value of the shares five years after their issuance.
Dividends on the preferred stock will not be cumulative. Hovnanian Enterprises will make the offering under its recently amended shelf registration statement. The net proceeds from the offering will be used for the repayment of debt outstanding under the company”s revolving credit facility. The company has applied to have the depositary shares quoted on the Nasdaq. If approved for quotation, the company expects the shares will begin trading within 30 days after initial delivery.
Credit Suisse First Boston, UBS Investment Bank and Wachovia Securities are acting as joint lead and book running managers for the offering with JMP Securities acting as a joint lead manager. Citigroup, RBC Capital Markets, BB&T Capital Markets, JPMorgan, KeyBanc Capital Markets, Piper Jaffray, BNP Paribas, Calyon Securities (USA), Comerica Securities and RBS Greenwich Capital are co-managers.
At 12:10 p.m. Hovnanian shares were up $1.42 to $63.68.
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