Filed
pursuant to Rule 433
Registration No. 333-131982
Dated February 22, 2006
|
|
K. Hovnanian Enterprises, Inc. |
|
|
||||
|
|
|
|
|
|
|||
|
Security Description: |
|
Senior Notes |
|
|
|||
|
|
|
|
|
|
|||
|
Face: |
|
$300,000,000 |
|
|
|||
|
|
|
|
|
|
|||
|
Proceeds: |
|
$297,240,000 |
|
|
|||
|
|
|
|
|
|
|||
|
Coupon: |
|
7.500% |
|
|
|||
|
|
|
|
|
|
|||
|
Maturity: |
|
5/15/2016 |
|
|
|||
|
|
|
|
|
|
|||
|
Offering Price: |
|
100.000% |
|
|
|||
|
|
|
|
|
|
|||
|
Yield to Maturity: |
|
7.500% |
|
|
|||
|
|
|
|
|
|
|||
|
Spread to Treasury: |
|
298 |
|
|
|||
|
|
|
|
|
|
|||
|
Benchmark: |
|
4.50% UST due 2/2016 |
|
|
|||
|
|
|
|
|
|
|||
|
Ratings: |
|
Ba1 / BB |
|
|
|||
|
|
|
|
|
|
|||
|
Interest Payment Dates: |
|
May 15th and November 15th |
|
|
|||
|
|
|
|
|
|
|||
|
Commencing: |
|
11/15/2006 |
|
|
|||
|
|
|
|
|
|
|||
|
Optional Redemption: |
|
Non-callable for the life of the bond |
|
|
|||
|
|
|
|
|
|
|||
|
Make-Whole: |
|
T + 50 |
|
|
|||
|
|
|
|
|
|
|||
|
Change of Control Put: |
|
At 101% of principal plus accrued interest |
|
|
|||
|
|
|
|
|
|
|||
|
Trade Date: |
|
2/22/2006 |
|
|
|||
|
|
|
|
|
|
|||
|
Settlement Date: |
|
2/27/2006 (T+3) |
|
|
|||
|
|
|
|
|
|
|||
|
CUSIP: |
|
|
|
|
|||
|
|
|
|
|
|
|||
|
Minimum Allocation: |
|
$1,000 |
|
|
|||
|
|
|
|
|
|
|||
|
Increments: |
|
$1,000 |
|
|
|||
|
|
|
|
|
|
|||
|
Gross Spread: |
|
0.92% |
|
|
|||
|
|
|
|
|||||
|
Book Runners: |
|
Credit Suisse |
|
25.00% |
|
||
|
|
|
Citigroup |
|
17.00% |
|
||
|
|
|
Wachovia Securities |
|
17.00% |
|
||
|
|
|
UBS Investment Bank |
|
10.00% |
|
||
|
|
|
|
|
|
|
||
|
Co-Managers: |
|
Banc of America Securities LLC |
|
7.00% |
|
||
|
|
|
JPMorgan |
|
7.00% |
|
||
|
|
|
KeyBanc Capital Markets |
|
4.00% |
|
||
|
|
|
RBS Greenwich Capital |
|
4.00% |
|
||
|
|
|
BNP Paribas Securities |
|
3.00% |
|
||
|
|
|
Calyon Securities (USA) Inc. |
|
3.00% |
|
||
|
|
|
Piper Jaffray |
|
3.00% |
|
||
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-221-1037.