Davis Polk advised Credit Suisse Securities (USA) LLC as underwriter in connection with an SEC-registered, add-on offering by K. Hovnanian Enterprises, Inc. of $41,581,000 aggregate principal amount of 6.25% senior notes due 2016. The notes are a reopening of an offering of $300 million of such notes issued in 2005. The notes are guaranteed by Hovnanian Enterprises, Inc. and substantially all of its subsidiaries. The proceeds of the offering will be used to fund the redemption of K. Hovnanian Enterprises’ outstanding 6.5% senior notes due 2014 and 6.375% senior notes due 2014.

K. Hovnanian Enterprises, Inc. is a subsidiary of Hovnanian Enterprises, Inc., which is headquartered in Red Bank, New Jersey, and is one of the nation’s largest builders of residential homes.

The Davis Polk capital markets team included partner Michael Kaplan, counsel Jeff Ramsay and associates Roshni S. Banker and Alice Z. Chen. Partner Lucy W. Farr and associate Adam B. Perry provided tax advice. The environmental team included counsel Loyti Cheng, associate Samuel Zeidman and former associate Catharine Thorpe. All members of the Davis Polk team are based in the New York office.