Hovnanian Enterprises, Inc. · NYSE:HOV
Hovnanian Enterprises — Debt Investor Presentation (October 2019)
7 slides from Hovnanian Enterprises's debt investor presentation, Oct 31, 2019
Slide 1: Refinancing transaction overview
* Hovnanian Enterprises, Inc. (the “Company”) has consummated a refinancing transaction (the “Transaction”) that collapsed the previous bifurcated collateral structure of its secured debt (i.e., the “old group” and the “new group” structures) into a single collateral pool * As part of the Transactio
Slide 2: Refinancing Transaction Components
lovnanian : P , ‘Enterprises, Inc. Refinancing Transaction Components The Transaction consists of the following four components: @new $125 million First Lien Revolver © Refinance existing 10.0% revolver/term loan with New First Lien Revolver maturing in December 2022 ° Interest rate of 7.75% © New$3
Slide 3: Refinance 10.0% Senior Secured Revolver
fovnanian @ Refinance 10.0% Senior Secured Revolver cua sheeted for New 7.75% 1st Lien Revolver July 31, 2019 fesneeliene) * Prior revolver converted to term loan in December 2019 so YWYUwe*ARQ SUA RMQSUAVQASYUNRBUAVAKARABAXAMWAaaAgG aw "19 ‘19 '19 '20 ‘20 '20 ‘20 ‘21 '21 ‘21 ‘21 ‘22 ‘22 ‘22 ‘22 "b3
Slide 4: Refinance / Exchange $335M of 10% and 10.5% Notes
fovnanian @ Refinance / Exchange $335M of 10% and 10.5% Notes ama ace with New 7.75% 1.125 Lien Notes Pro forma for Step 1 ($ inmilions) "19 ‘19 '19 '20 '20 '20 ‘20 ‘21 '21 ‘21 '21 "22 '22 "22 '22 '23 "23 '23 "23 '24 "24 "24 "24 Old Secured Group = New Secured Group “Unsecured = @Unsecured Ts (2% Li
Slide 5: Refinance New Secured Group Debt
fovnanian © Refinance New Secured Group Debt cua sheeted for New 10.5% 1.25 Lien Notes Pro forma for Step 1 and 2 ($ inmilions) $203 7 $30 o a2 "40 "19 ‘19 "19 '20 ‘20 '20 '20 ‘21 '21 ‘21 ‘21 '22 ‘22 '22 ‘22 ‘23 '23 ‘23 '23 ‘24 "24 "24 "24 26 26 26 '27 27 Old Secured Group ENewSecuredGroup © Unsecur
Slide 6: Exchange $100M of 10.5% Notes
lovnanian @ Exchange $100M of 10.5% Notes ama ace for New 11.25% 1.50 Lien Notes Pro forma for Step 1, 2 and 3 ($ inmilions) 1m 2nd Lien Notes Unsecured Unsecured Termloan m= New Revolver Pro forma for Step 4 2 a3 a4 at "19 "19 ‘19 "20 "20 '20 ‘21 ‘21 '21 '22 '22 '22 '22 "23 '23 ‘23 '23 ‘24 "24 '24
Slide 7: Summary of All Components
joyvnanian Summary of All 4 Components Enterprises, Inc. July 31, 2019 ($ inmilions) ‘Unsecured Term Loan {ured Revolver/Term Loan 1 Old Secured Group (2°? Lien Notes) Pro forma for Step 1, 2, 3 and 4 fee gaat 2 G3 Qs at a2 G3 as a @2 a3 as a1 a2 @3 a4 OF a2 a3 "19 ‘19 ‘19 '20 '20 '20 '20 ‘21 ‘21 ‘2
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