Hovnanian Enterprises is planning to raise $268.1 million from a series of stock, equity unit and debt offerings, Bloomberg reports. The company intends to use the net proceeds to redeem some senior debt to reduce interest payments, as well as for general corporate purposes.

The home builder appointed Credit Suisse, Citigroup, Deutsche Bank and JP Morgan as the joint bookrunning managers for the deal. The $155 million notes carry a coupon rate of 11.875%, and are due to mature on Oct. 15, 2015, adds Reuters. 

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