Highwoods Recasts Credit Facility

Maintains Borrowing Capacity
Extends Maturity Date

RALEIGH, N.C., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) has executed a recast of its unsecured revolving credit facility, which replaces the Company’s existing revolving credit facility obtained in 2021.

	New Facility	Old Facility
Amount	$750M	$750M
SOFR Borrowing Spread (1)	85 bps	85 bps
Annual Facility Fee	20 bps	20 bps
Maturity Date before Extension Options	January 2028	March 2025
Unilateral Extension Options	Two 6-Month	Two 6-Month

(1) The borrowing spread excludes a SOFR-related spread adjustment of 10 basis points.

Ted Klinck, President and Chief Executive Officer of Highwoods Properties, said, “We appreciate the confidence shown in Highwoods by our bank group. We are pleased to have extended the term of our credit facility out to 2029, with the extension options. We now have no consolidated debt maturities until May 2026 and our floating rate debt is well under 15%. Our bank group’s support and partnership has provided us the financial flexibility needed to pursue our strategic objectives, and this recast further strengthens our balance sheet and improves our liquidity.”

BofA Securities, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bank National Association and TD Bank, N.A. served as Joint Lead Arrangers on the new credit facility, with BofA Securities, Inc., Wells Fargo Securities, LLC and PNC Capital Markets LLC serving as Joint Bookrunners. Bank of America, N.A. is Administrative Agent and Wells Fargo Bank, National Association and PNC Bank, National Association are Co-Syndication Agents.

About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Highwoods is in the work-placemaking business. We believe that by creating environments and experiences where the best and brightest can achieve together what they cannot apart, we can deliver greater value to our customers, their teammates and, in turn, our stakeholders. For more information about Highwoods, please visit our website at www.highwoods.com.