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.