By Dean Seal

Hovnanian Enterprises has reached a deal with investors for a refinancing that will extend the maturities on more than $600 million in debt by a few years.

The homebuilder said Monday that the secured debt will now have maturities in the fourth quarters of fiscal 2028 and fiscal 2029.

The company has also entered into a deal to extend its $125 million secured revolving credit facility to mature in June 2026.

The deal enhances Hovnanian's balance sheet and reduces risk, Chief Executive Ara Hovnanian said.

The transactions are expected to close on Oct. 5.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

September 25, 2023 08:29 ET (12:29 GMT)

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