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Hovnanian (HOV +10.5%) jumps after announcing a land banking arrangement worth up to $125M with...

Jul. 13, 2012 9:51 AM ETHovnanian Enterprises, Inc. (HOV) StockHOV, BXBy: Eric Jhonsa, SA News Editor3 Comments

Hovnanian (HOV +10.5%) jumps after announcing a land banking arrangement worth up to $125M with Blackstone's (NYSE:BX) GSO Capital arm. GSO will buy land parcels from Hovnanian, and option finished lots back to the company. In addition, GSO has agreed to exchange $15M worth of Hovnanian senior notes for 3.86M Class A shares. (PR)

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