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Highwoods Recasts Credit Facility

Nachrichtenquelle: globenewswire
18.03.2021, 21:05  |  125   |   |   

Lowers All-In Borrowing Cost
Increases Borrowing Capacity
Extends Maturity Date

RALEIGH, N.C., March 18, 2021 (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 2017.

  New Facility
Old Facility
Amount $750M $600M
Accordion $550M $400M
LIBOR Borrowing Spread * 90 bps 100 bps
Annual Facility Fee 20 bps 20 bps
Maturity Date before Extension Rights March 2025 January 2022
Unilateral Extension Rights Two 6-Month Two 6-Month

* The borrowing spread will be reduced by one basis point provided Highwoods meets certain sustainability goals with respect to the ongoing reduction of greenhouse gas emissions. 

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 recast our revolving credit facility, increasing our overall borrowing capacity, extending the term for four more years and lowering our all-in borrowing cost. 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. and U.S. Bank National Association 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. Truist Bank and U.S. Bank, National Association served as Co-Documentation Agents. Regions Bank served as Senior Managing Agent. J.P. Morgan Chase Bank, N.A. and TD Bank, N.A. are Co-Managing Agents. Other lenders include First Horizon Bank and Associated Bank, National Association.

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Highwoods Recasts Credit Facility Lowers All-In Borrowing CostIncreases Borrowing CapacityExtends Maturity Date RALEIGH, N.C., March 18, 2021 (GLOBE NEWSWIRE) - Highwoods Properties, Inc. (NYSE:HIW) has executed a recast of its unsecured revolving credit facility, which replaces …

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