Details of Hovnanian ($HOV) Debt for Equity Swap

Details of the previously announced transaction:

Pursuant to agreements with bondholders dated July 12, 2012, Hovnanian Enterprises, Inc. (the "Company") issued an aggregate of 3,862,671 shares of the Company's Class A common stock, par value $0.01 per share, in exchange for an aggregate of approximately $15.0 million of the Company's outstanding indebtedness, consisting of (i) $1,000,000 aggregate principal amount of the Company's outstanding 7.5% Senior Notes due 2016, (ii) $7,775,000 aggregate principal amount of the Company's 6.25% Senior Notes due 2016 and (iii) $6,205,000 aggregate principal amount of the Company's outstanding 8.625% Senior Notes due 2017 (the "exchanges").

The 2017 notes, which I like, traded up hugely after this exchange.