Company: HOVVB
Filing Date: 2025-09-10
Form Type: 8-K
Source: 0001753926-25-001449
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Company: HOVNANIAN ENTERPRISES INC
Filing Date: 2025-09-10
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

Fourth Amendment to Credit Agreement

On September 10, 2025, Hovnanian Enterprises, Inc. (the “ Company”), K. Hovnanian Enterprises, Inc. (“ K. Hovnanian”), a wholly-owned subsidiary of the Company, and other subsidiaries of the Company as guarantors (the “ Subsidiary Guarantors”) entered into the Fourth Amendment (the “ Fourth Amendment”) to the Credit Agreement, dated as of October 31, 2019 (as amended by the First Amendment to the Credit Agreement, dated as of November 27, 2019, by the Second Amendment to the Credit Agreement, dated as of August 19, 2022 and by the Third Amendment to the Credit Agreement, dated as of September 25, 2023), by and among K. Hovnanian, the Company, the other guarantors party thereto, Wilmington Trust, National Association, as administrative agent, and the lenders party thereto, which provides for up to $125.0 million in aggregate amount of senior secured first lien revolving loans (the “ Revolving Credit Facility”).

Upon effectiveness of the amendments set forth therein, the Fourth Amendment will (i) extend the final scheduled maturity of the Revolving Credit Facility from June 30, 2026 to June 30, 2028 and (ii) provide for certain other amendments. Borrowings under the Revolving Credit Facility will bear interest, at K. Hovnanian’s option, at either (a) a term SOFR rate (subject to a floor of 3.00%) plus an applicable margin of 4.50% or (b) 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. The foregoing amendments are expected to take effect on or about the end of September, subject to the satisfaction of customary closing conditions.

The foregoing summary of the Fourth Amendment does not purport to be complete and is qualified in its entirety by reference to the text of the Fourth Amendment filed as Exhibit 10.1 to this Form 8-K and incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of