RED BANK, N.J., May 8 /PRNewswire-FirstCall/ -- Hovnanian Enterprises,
Inc. (NYSE: HOV) announced today that it has priced a follow-on offering of
14,000,000 shares of its Class A Common Stock at $9.50 per share. The Company
has granted the underwriters an option to purchase up to an additional
2,100,000 shares within a 30-day period to cover over-allotments, if any. The
offering is expected to close on May 14, 2008, subject to customary closing
conditions. The Company plans to use the proceeds received from this offering
for general corporate purposes.
Citi Markets & Banking, Wachovia Capital Markets, LLC and Credit Suisse
Securities (USA) LLC are acting as joint book-running managers for the
offering.
A printed copy of the prospectus supplement relating to the offering may
be obtained by contacting Citi Markets & Banking, Brooklyn Army Terminal, 140
58th Street, 8th Floor, Brooklyn, New York 11220, Tel: +1 (718) 765-6732,
Credit Suisse Securities (USD) LLC, Attention Prospectus Department, One
Madison Avenue, New York, New York 10010, Tel: +1 (800) 221-1307; or Wachovia
Capital Markets, LLC, Attention: Equity Syndicate Department, 375 Park Avenue,
New York, New York 10152, E-mail: equity.syndicate@wachovia.com. This release
shall not constitute an offer to sell or the solicitation of an offer to buy
any of these securities, nor shall there be any sale of these securities in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
About Hovnanian Enterprises
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian,
Chairman, is headquartered in Red Bank, New Jersey. The Company is one of the
nation's largest homebuilders with operations in Arizona, California,
Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Michigan, Minnesota,
New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina,
Texas, Virginia and West Virginia. The Company's homes are marketed and sold
under the trade names K. Hovnanian Homes, Matzel & Mumford, Forecast Homes,
Parkside Homes, Brighton Homes, Parkwood Builders, Windward Homes, Cambridge
Homes, Town & Country Homes, Oster Homes, First Home Builders of Florida and
CraftBuilt Homes. As the developer of K. Hovnanian's Four Seasons communities,
the Company is also one of the nation's largest builders of active adult
homes.
Forward-Looking Statements
All statements in this Press Release that are not historical facts should
be considered as "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements involve
known and unknown risks, uncertainties and other factors that may cause actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
the forward-looking statements. Such risks, uncertainties and other factors
include, but are not limited to, (1) changes in general and local economic and
industry and business conditions, (2) adverse weather conditions and natural
disasters, (3) changes in market conditions and seasonality of the Company's
business, (4) changes in home prices and sales activity in the markets where
the Company builds homes, (5) government regulation, including regulations
concerning development of land, the home building, sales and customer
financing processes, and the environment, (6) fluctuations in interest rates
and the availability of mortgage financing, (7) shortages in, and price
fluctuations of, raw materials and labor, (8) the availability and cost of
suitable land and improved lots, (9) levels of competition, (10) availability
of financing to the Company, (11) utility shortages and outages or rate
fluctuations, (12) levels of indebtedness and restrictions on the Company's
operations and activities imposed by the agreements governing the Company's
outstanding indebtedness, (13) operations through joint ventures with third
parties, (14) product liability litigation and warranty claims, (15)
successful identification and integration of acquisitions, (16) significant
influence of the Company's controlling stockholders, (17) geopolitical risks,
terrorist acts and other acts of war and (18) other factors described in
detail in the Company's Form 10-K for the year ended October 31, 2007.
SOURCE Hovnanian Enterprises, Inc.
