Note 9 - Senior Notes and Credit Facilities (Tables)

12 Months Ended

Oct. 31, 2024

	*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.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details