v3.25.4
Note 9 - Senior Notes and Credit Facilities - Senior Notes and Credit Facilities Balances (Details) - USD ($)
$ in Thousands
Oct. 31, 2025
Oct. 31, 2024
Debt Instrument [Line Items]    
Senior debt $ 924,968 [1] $ 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
Senior Secured Notes [Member]    
Debt Instrument [Line Items]    
Senior debt 0 655,000
Unsecured Senior Notes [Member]    
Debt Instrument [Line Items]    
Senior debt 924,968 51,556
Senior Secured Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Senior debt [2] 0 0
The 8.0% Senior Secured 1.125 Lien Notes Due 2028 [Member] | Senior Secured Notes [Member]    
Debt Instrument [Line Items]    
Senior debt [3] 0 225,000
The 11.75% Senior Secured 1.25 Lien Notes Due 2029 [Member] | Senior Secured Notes [Member]    
Debt Instrument [Line Items]    
Senior debt [3] 0 430,000
The 13.5% Senior Notes Due 2026 [Member] | Unsecured Senior Notes [Member]    
Debt Instrument [Line Items]    
Senior debt [4] 0 26,588
The 5.0% Senior Notes due 2040 [Member] | Unsecured Senior Notes [Member]    
Debt Instrument [Line Items]    
Senior debt 24,968 24,968
The 10.0% Senior Secured 1.75 Lien Term Loans Due 2028 [Member] | Senior Secured Term Loan [Member]    
Debt Instrument [Line Items]    
Senior debt [3] 0 175,000
The 8.0% Senior Notes Due 2031 [Member] | Unsecured Senior Notes [Member]    
Debt Instrument [Line Items]    
Senior debt [3] 450,000 0
The 8.375% Senior Notes Due 2033 [Member] | Unsecured Senior Notes [Member]    
Debt Instrument [Line Items]    
Senior debt [3] $ 450,000 $ 0
[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.
[2] 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.
[3] 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.
[4] 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.