Highwoods Announces Tender Offer for Up to $100,000,000 Outstanding 3.20% Notes due 2021

RALEIGH, N.C., July 30, 2020 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE: HIW) (the “Company”) announced today that Highwoods Realty Limited Partnership, the operating partnership through which the Company conducts its operations (the “Operating Partnership”), has commenced a tender offer (the “Offer”) to purchase for cash up to an aggregate principal amount of $100,000,000 (the “Tender Cap”) of its outstanding 3.20% Notes due 2021 (the “Notes”).

The following table sets forth some of the terms of the Offer:

Title of Security	CUSIP Number	Principal Amount Outstanding		Tender Cap (Principal Amount)		Reference U.S. Treasury Security	Bloomberg Reference Page (1)	Fixed Spread (basis points)	Early Tender Premium (per $1,000) (2)
3.20% Notes due 2021	431282 AN2	$300,000,000		$100,000,000		2.375% UST due 4/15/2021	FIT3	20 bps	$30.00

(1	)	The applicable page on Bloomberg from which the Dealer Manager will quote the bid-side price of the reference U.S. Treasury Security. In the above table, “UST” denotes a U.S. Treasury Security.
(2	)	The Total Consideration (as defined below) for Notes validly tendered prior to or at the Early Tender Deadline (as defined below) and accepted for purchase is calculated using the Fixed Spread (as specified above) and is inclusive of the Early Tender Premium (as defined below).

The Offer is being made upon, and is subject to, the terms and conditions set forth in the offer to purchase, dated July 30, 2020 (the “Offer to Purchase”).  The Offer will expire at 12:00 midnight, New York City time, at the end of August 26, 2020, unless extended or earlier terminated by the Operating Partnership (the “Expiration Date”).  Tenders of Notes may be withdrawn at any time at or prior to, but not after, 5:00 p.m., New York City time, on August 12, 2020 (the “Early Tender Deadline”), but may not be withdrawn thereafter except in certain limited circumstances where additional withdrawal rights are required by law.