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v3.25.1

Note 12 - Senior Notes and Credit Facilities (Tables) | 6 Months Ended
--- | ---
Apr. 30, 2025
Senior Notes and Credit Facilities |
Schedule of Long-Term Debt Instruments |
|  | April 30, |  |  | October 31, |
(In thousands) |  | 2025 |  |  | 2024 |
Senior Secured Notes: |  |  |  |  |  |  |  |
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 |  |  | $ | 655,000 |
Senior Notes: |  |  |  |  |  |  |  |
13.5% Senior Notes due February 1, 2026 |  | $ | - |  |  | $ | 26,588 |
5.0% Senior Notes due February 1, 2040 |  |  | 24,968 |  |  |  | 24,968 |
Total Senior Notes |  | $ | 24,968 |  |  | $ | 51,556 |
Senior Secured 1.75 Lien Term Loan Credit Facility due January 31, 2028 |  | $ | 175,000 |  |  | $ | 175,000 |
Senior Secured Revolving Credit Facility (1) |  | $ | - |  |  | $ | - |
Subtotal senior notes and credit facilities |  | $ | 854,968 |  |  | $ | 881,556 |
Net premiums (discounts) |  | $ | 11,646 |  |  | $ | 17,340 |
Unamortized debt issuance costs |  | $ | (2,334 | ) |  | $ | (2,678 | )
Total senior notes and credit facilities, net of discounts, premiums and unamortized debt issuance costs |  | $ | 864,280 |  |  | $ | 896,218 |
(1) At April 30, 2025, 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.

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