Highwoods Announces Early Results of Tender Offer for Up to $150,000,000 of Outstanding 3.20% Notes due 2021
RALEIGH, N.C., Aug. 13, 2020 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE: HIW) (the “Company”) announced today the early results of the previously announced cash tender
offer (the “Offer”) by Highwoods Realty Limited Partnership, the operating partnership through which the Company conducts its operations (the “Operating Partnership”), for up to an aggregate
principal amount of $150,000,000 (the “Tender Cap”) of its outstanding 3.20% Notes due 2021 (the “Notes”).
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) | Principal Amount Tendered at Early Tender Deadline | ||||
3.20% Notes due 2021 |
431282 AN2 | $300,000,000 | $150,000,000 | 2.375% UST due 4/15/2021 | FIT3 | 20 bps | $30.00 | $222,588,000 |
(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 terms and conditions of the Offer are 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.
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As of 5:00 p.m., New York City time, on August 12, 2020 (such date and time, the “Early Tender Deadline”), according to information provided by D.F. King & Co., Inc., the tender and information agent for the Offer, the aggregate principal amount of the Notes set forth in the table above under “Principal Amount Tendered at Early Tender Deadline” had been validly tendered and not validly withdrawn in the Offer. Withdrawal rights for the Notes expired at 5:00 p.m., New York City Time, on August 12, 2020.