Hovnanian credit rating downgraded after debt swap [Seeking Alpha]
Hovnanian Enterprises, Inc. Class A (HOV)
US:NYSE Investor Relations:
khov.com/investor-relations
Company Research
Source: Seeking Alpha
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 »
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HOV
News
- Hovnanian Enterprises' (NYSE:HOV) five-year total shareholder returns outpace the underlying earnings growth [Yahoo! Finance]Yahoo! Finance
- Hovnanian Enterprises, Inc. (NYSE: HOV) had its "underperform" rating re-affirmed by analysts at Zelman & Associates.MarketBeat
- Hovnanian Enterprises Preferred Stock Diversity Comes With Risks [Seeking Alpha]Seeking Alpha
- Is Hovnanian Enterprises, Inc.'s (NYSE:HOV) 35% ROE Better Than Average? [Yahoo! Finance]Yahoo! Finance
- Hovnanian Enterprises First Quarter 2024 Earnings: EPS: US$3.11 (vs US$2.37 in 1Q 2023) [Yahoo! Finance]Yahoo! Finance
HOV
Sec Filings
- 3/22/24 - Form 4
- 3/22/24 - Form 8-K
- 3/21/24 - Form 144
- HOV's page on the SEC website