XML 46 R35.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Note 12 - Senior Notes and Credit Facilities (Tables)
 6 Months Ended
Apr. 30, 2024
Senior Notes and Credit Facilities  
Schedule of Long-Term Debt Instruments

April 30,

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

$ (20,060 ) $ (14,563 )

Unamortized debt issuance costs

$ (3,742 ) $ (4,207 )

Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs

$ 932,957 $ 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 April 30, 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.