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Note 9 - Senior Notes and Credit Facilities (Tables) | 12 Months Ended
--- | ---
Oct. 31, 2024
Senior Notes and Credit Facilities |
Schedule of Long-Term Debt Instruments |
|  | October 31, |  |  | October 31, |
(In thousands) |  |  | 2024 |  |  |  | 2023 |
Senior Secured Notes: |  |  |  |  |  |  |  |
10.0% Senior Secured 1.75 Lien Notes due November 15, 2025 (1) |  | $ | - |  |  | $ | 113,502 |
8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 |  |  | 225,000 |  |  |  | 225,000 |
11.75% Senior Secured 1.25 Lien Notes due September 30, 2029 |  |  | 430,000 |  |  |  | 430,000 |
Total Senior Secured Notes |  | $ | 655,000 |  |  | $ | 768,502 |
Senior Notes: |  |  |  |  |  |  |  |
13.5% Senior Notes due February 1, 2026 (2) |  | $ | 26,588 |  |  | $ | 90,590 |
5.0% Senior Notes due February 1, 2040 (2) |  |  | 24,968 |  |  |  | 90,120 |
Total Senior Notes |  | $ | 51,556 |  |  | $ | 180,710 |
Senior Unsecured Term Loan Credit Facility due February 1, 2027 (2) |  | $ | - |  |  | $ | 39,551 |
Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 (2) |  | $ | 175,000 |  |  | $ | 81,498 |
Senior Secured Revolving Credit Facility (3) |  | $ | - |  |  | $ | - |
Subtotal senior notes and credit facilities |  | $ | 881,556 |  |  | $ | 1,070,261 |
Net premiums (discounts) |  | $ | 17,340 |  |  | $ | (14,563 | )
Unamortized debt issuance costs |  | $ | (2,678 | ) |  | $ | (4,207 | )
Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs |  | $ | 896,218 |  |  | $ | 1,051,491 |
(1) On November 15, 2023, K. Hovnanian redeemed all of its $113.5 million aggregate principal amount of 10.0% Senior Secured 1.75 Lien Notes due November 15, 2025. (2) On May 21, 2024, K. Hovnanian exchanged $64.0 million aggregate principal amount of 13.5% Senior Notes due February 1, 2026 and cash, $65.2 million aggregate principal amount of 5.0% Senior Notes due February 1, 2040 and all of its $39.6 million aggregate principal amount of loans under the Senior Unsecured Term Loan Credit Facility due February 1, 2027 and cash for an additional $93.5 million aggregate principal amount of loans under the Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028. (3) At October 31, 2024, provides for up to $125.0 million in aggregate amount of senior secured first lien revolving loans. The revolving loans thereunder have a maturity of June 30, 2026 and borrowings bear interest, at K. Hovnanian’s option, at either (i) a term SOFR (subject to a floor of 3.00%) plus an applicable margin of 4.50% or (ii) an alternate base rate (subject to a floor of 4.00%) plus an applicable margin of 3.50%. In addition, K. Hovnanian will pay an unused commitment fee on the undrawn revolving commitments at a rate of 1.00% per annum.
Schedule of Maturities of Long-Term Debt [Table Text Block] |
Fiscal Year Ending October 31, (1) |  |  |  |
2025 |  | $ | - |
2026 |  |  | 26,588 |
2027 |  |  | - |
2028 |  |  | 400,000 |
2029 |  |  | 430,000 |
Thereafter |  |  | 24,968 |
Total |  | $ | 881,556 |
(1) Does not include our $125.0 million Senior Secured Revolving Credit Facility under which there were no borrowings outstanding as of October 31, 2024.

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