Hovnanian Enterprises, Inc., Red Bank, N.J. (NYSE:HOV) on Wednesday announced a series of private offerings to exchange $220 million in senior notes with maturities ranging from 2015 to 2017 for new 2.00% senior secured notes due 2021.

The company said the offer is part of the its "continuing efforts to reduce its borrowing costs and improve its balance sheet in light of challenging homebuilding market conditions." It also said the its may repurchase additional bonds for which the company has approximately $175 million of capacity remaining under applicable debt covenants.

The total outstanding principal on the notes to be tendered is $814.3 million. The offer includes all of the $137.6 million in outstanding 11 7.8% senior notes due 2015 and partial amounts of several maturities going out to2017 on a prioritized basis.