The high-yield notes are due 2031 and 2033

Davis Polk advised the joint book-running managers and initial purchasers on a Rule 144A and Regulation S offering by K. Hovnanian Enterprises, Inc. of $450 million aggregate principal amount of 8.000% senior secured notes due 2031 and $450 million aggregate principal amount of 8.375% senior secured notes due 2033. The notes are guaranteed on a senior unsecured basis by Hovnanian Enterprises, Inc. and substantially all of its subsidiaries.

K. Hovnanian Enterprises, Inc. is a subsidiary of Hovnanian Enterprises, Inc., which is headquartered in Matawan, New Jersey, and is one of the nation’s largest builders of residential homes.

The Davis Polk capital markets team included partner Michael Kaplan, counsel David (Wei Fu) Li and associates Courtney Wax, Sijia (Scarlett) Huang and Kristiana J. Olson. The tax team included counsel Liang Zhang and associate Georgianna Eck. The environmental team included counsel Loyti Cheng and associate Timothy J. Sullivan. All members of the Davis Polk team are based in the New York office.

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