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

|About: Hovnanian Enterprises, Inc. (HOV)|By:, SA News Editor

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