v3.25.4

Note 9 - Senior Notes and Credit Facilities (Tables) | 12 Months Ended
--- | ---
Oct. 31, 2025
Senior Notes and Credit Facilities |
Schedule of Long-Term Debt Instruments |
|  | October 31, |  |  | October 31, |
(In thousands) |  |  | 2025 |  |  |  | 2024 |
Senior Secured Notes: |  |  |  |  |  |  |  |
8.0% Senior Secured 1.125 Lien Notes due September 30, 2028 (1) |  | $ | - |  |  | $ | 225,000 |
11.75% Senior Secured 1.25 Lien Notes due September 30, 2029 (1) |  |  | - |  |  |  | 430,000 |
Total Senior Secured Notes |  | $ | - |  |  | $ | 655,000 |
Senior Notes: |  |  |  |  |  |  |  |
13.5% Senior Notes due February 1, 2026 (2) |  | $ | - |  |  | $ | 26,588 |
8.0% Senior Notes due April 1, 2031 (1) |  |  | 450,000 |  |  |  | - |
8.375% Senior Notes due October 1, 2033 (1) |  |  | 450,000 |  |  |  | - |
5.0% Senior Notes due February 1, 2040 |  |  | 24,968 |  |  |  | 24,968 |
Total Senior Notes |  | $ | 924,968 |  |  | $ | 51,556 |
Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 (1) |  | $ | - |  |  | $ | 175,000 |
Senior Secured Revolving Credit Facility (3) |  | $ | - |  |  | $ | - |
Subtotal senior notes and credit facilities |  | $ | 924,968 |  |  | $ | 881,556 |
Net premiums (discounts) |  | $ | (11,051 | ) |  | $ | 17,340 |
Unamortized debt issuance costs |  | $ | (13,199 | ) |  | $ | (2,678 | )
Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs |  | $ | 900,718 |  |  | $ | 896,218 |
(1) On September 25, 2025, K. Hovnanian completed a private placement of $450.0 million aggregate principal amount of 8.0% Senior Notes due April 1, 2031 and $450.0 million aggregate principal amount of 8.375% Senior Notes due October 1, 2033. K. Hovnanian used the net proceeds from the notes issuance, together with cash on hand, to fund (i) the redemption of all of its $430.0 million aggregate principal amount of 11.75% Senior Secured 1.25 Lien Notes due September 30, 2029 and all of its $225.0 million aggregate principal amount of 8.0% Senior Secured 1.125 Lien Notes due September 30, 2028, and (ii) the payoff in full of its $175.0 million Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028. (2) On April 30, 2025, K. Hovnanian redeemed the remaining $26.6 million aggregate principal amount of its 13.5% Senior Notes due 2026 for a redemption price of $27.5 million, which included accrued and unpaid interest. (3) At October 31, 2025, provides for up to $125.0 million in aggregate amount of senior secured first lien revolving loans. The revolving loans under the revolving credit facility have a maturity of June 30, 2028 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 3.00%) 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) |  |  |  |
2026 |  | $ | - |
2027 |  |  | - |
2028 |  |  | - |
2029 |  |  | - |
2030 |  |  | - |
Thereafter |  |  | 924,968 |
Total |  | $ | 924,968 |
(1) Does not include our $125.0 million Senior Secured Revolving Credit Facility under which there were no borrowings outstanding as of October 31, 2025.

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