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Hovnanian credit rating downgraded after debt swap [Seeking Alpha]

HOVNANIAN ENTERPRISES (HOV)  More Company Research Source: Seeking Alpha
US:NYSE Investor Relations: khov.com/investor-relations
PDF Hovnanian credit rating downgraded after debt swapA judge yesterday declined an injunction request by Solus Alternative Asset Management, clearing the way for Hovnanian (HOV-4.8%) to exchange its 8% senior notes due this year for unsecured paper due in 2026 and 2040, along with $26.5M in cash.Behind the deal is some fascinating inside baseball between Solus, Blackstone (NYSE:BX) and Hovnanian. This move combined with others means a big payout for CDSs held by Blackstone's GSO Capital. Solus is on the losing end of that bet.For Hovnanian, it's getting a credit rating downgrade, but got very favorable longer-term financing (from Blackstone).S&P cuts to SD (selective default) from CC.See all stocks on the move »Now read:Financial Exchange Stock Talk: Bram De Haas On Blackstone And Black Stone Minerals » [Read more]

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