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Note 12 - Senior Notes and Credit Facilities (Tables) | 3 Months Ended
--- | ---
Jan. 31, 2024
Senior Notes and Credit Facilities |
Schedule of Long-Term Debt Instruments |
|  | January 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 |  | $ | 90,590 |  |  | $ | 90,590 |
5.0% Senior Notes due February 1, 2040 |  |  | 90,120 |  |  |  | 90,120 |
Total Senior Notes |  | $ | 180,710 |  |  | $ | 180,710 |
Senior Unsecured Term Loan Credit Facility due February 1, 2027 |  | $ | 39,551 |  |  | $ | 39,551 |
Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 |  | $ | 81,498 |  |  | $ | 81,498 |
Senior Secured Revolving Credit Facility (2) |  | $ | - |  |  | $ | - |
Subtotal senior notes and credit facilities |  | $ | 956,759 |  |  | $ | 1,070,261 |
Net (discounts) premiums |  | $ | (18,230 | ) |  | $ | (14,563 | )
Unamortized debt issuance costs |  | $ | (3,912 | ) |  | $ | (4,207 | )
Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs |  | $ | 934,617 |  |  | $ | 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) At January 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 secured overnight financing rate (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.

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