Pursuant to agreements with bondholders, each dated March 26, 2012, Hovnanian Enterprises, Inc. issued an aggregate of 981,302 shares of the Company's Class A common stock, par value $0.01 per share, in exchange for an aggregate of approximately $4.1 million aggregate principal amount of the Company's outstanding 8.625% Senior Notes due 2017.This bond has recently been trading at around 60.
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