RALEIGH, NC--(Marketwire - Oct 11, 2012) - Highwoods Properties, Inc. ( NYSE : HIW ) today announced that it has extended its $200 million unsecured term loan. The loan, which was originally scheduled to mature on February 25, 2016, is now scheduled to mature on January 12, 2018. Based on the Company's current credit ratings, the modified loan bears interest at LIBOR plus 1.65%, a 55 basis point reduction from the original interest rate of LIBOR plus 2.20%.
Ed Fritsch, President and Chief Executive Officer of Highwoods Properties, said, "We are pleased to have extended our unsecured term loan under even more favorable terms and appreciate the continued confidence the participating banks have shown in Highwoods."
Wells Fargo Securities, LLC served as Lead Arranger for the modified term loan. Participating banks include:
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|Name of Institution || ||Title |
|Wells Fargo Bank, N.A. || ||Administrative Agent |
|PNC Bank, N.A. || ||Documentation Agent |
|Branch Banking and Trust Company || ||Documentation Agent |
|U.S. Bank, N.A. || ||Documentation Agent |
|Bank of America, N.A. || ||Participant |
|Union Bank, N.A. || ||Participant |
|Fifth Third || ||Participant |
|Capital One, N.A. || ||Participant |
|Royal Bank of Canada/RBC Bank USA || ||Participant |
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About Highwoods Properties
Highwoods Properties, headquartered in Raleigh, North Carolina, is a publicly traded ( NYSE : HIW ) real estate investment trust ("REIT") and a member of the S&P MidCap 400 Index. The Company is a fully integrated, self-administered REIT that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. At June 30, 2012, Highwoods owned or had an interest in 338 in-service office, industrial and retail properties encompassing approximately 34.6 million square feet and owned 581 acres of development land. The Company's properties and development land are located in Florida, Georgia, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee and Virginia. For more information about Highwoods Properties, please visit our website at www.highwoods.com.