Highwoods Properties Strengthens Financial Position with New Loan

Highwoods Properties Recasts Term Loan Successfully

Highwoods Properties, Inc. has recently taken a significant step towards enhancing its financial flexibility by executing a recast of a substantial $200 million unsecured bank term loan. This strategic move has extended the maturity date from May 2026 to January 2029, with the potential for an additional two-year extension—an advantageous provision, provided there have been no defaults.

Interest Rate Adjustments Tied to Sustainability Goals

The interest rate on this newly structured term loan is set at the Secured Overnight Financing Rate (SOFR) plus 95 basis points. One remarkable feature of this loan agreement is its alignment with sustainability goals. The interest rate may be adjusted, either upward or downward by 2.5 basis points, depending on the degree to which Highwoods meets predetermined goals aimed at reducing greenhouse gas emissions.

Collaboration with Leading Financial Institutions

Highwoods Properties has collaborated with a variety of reputable financial institutions for this loan. BofA Securities, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC, T.D. Bank, N.A., Truist Securities, Inc., and U.S. Bank National Association have all served as Joint Lead Arrangers on the loan. Furthermore, Bank of America, N.A. operates as the Administrative Agent, while Wells Fargo Bank and PNC Bank hold roles as Co-Syndication Agents. This collaborative effort among notable banks underscores the trust in Highwoods' business model and future prospects.

Highwoods Properties: A Leader in Real Estate Investment Trust

Highwoods Properties, Inc., a fully integrated office real estate investment trust (REIT) based in Raleigh, has positioned itself as a significant player in the real estate market. The company is engaged in a multitude of services, including owning, developing, acquiring, leasing, and managing properties that are primarily located in the best business districts (BBDs) of major cities like Atlanta, Charlotte, Dallas, Nashville, Orlando, and Tampa.

Vision and Mission Focused on Sustainable Growth

The company's vision revolves around leading the evolution of commercial real estate, focusing on both customer satisfaction and community enhancement. Highwoods is dedicated to creating environments that inspire not only their teams but also customers, thereby achieving collective success. This commitment to quality and sustainability is integral to their operational philosophy.

Contact Information for Inquiries

For further information or inquiries regarding Highwoods Properties, interested parties can contact Brendan Maiorana, the Executive Vice President and Chief Financial Officer, at the provided email address or phone number: brendan.maiorana@highwoods.com or call 919-872-4924.

Frequently Asked Questions

What is the significance of the recast loan for Highwoods Properties?

The recast loan allows Highwoods to extend its financial flexibility and support future growth initiatives, including sustainability goals.

How does the interest rate on the loan relate to sustainability?

The interest rate can be adjusted based on Highwoods' success in meeting sustainability benchmarks for reducing greenhouse gas emissions.

Who are the main financial partners involved in this term loan?

The main financial partners include BofA Securities, Wells Fargo Securities, and PNC Capital Markets, among others.

What are the primary operations of Highwoods Properties?

Highwoods operates as a fully integrated REIT, focusing on owning, developing, and managing properties in prime business districts across various cities.

How can someone get in touch with Highwoods Properties for more information?

Inquiries can be directed to Brendan Maiorana via email at brendan.maiorana@highwoods.com or by calling 919-872-4924.

About The Author

Hello Kelly Martin here, a financial and publicly traded company specialist committed to writing with clarity and sage advice. Having a wealth of experience and a thorough grasp of corporate dynamics and the financial environment, my main goal in writing blog posts and articles is to provide insightful analysis together with useful guidance. My objective is to arm readers with the information they need to comprehend the complexities of publicly traded companies and make wise financial decisions.

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