Highwoods Properties (HIW) has released an update to notify the public and investors about an entry into a material definitive agreement.
On January 25, 2024, we replaced our existing $750 million revolving credit facility with an amended and restated one, set to mature in January 2028 with the possibility of two six-month extensions. The interest rate is based on SOFR with additional spreads, and fees are determined by the highest ratings from Moody’s or Standard & Poor’s. A potential amendment by May 15, 2024, could adjust the interest rate based on achieving certain sustainability goals. The new facility’s terms are largely consistent with the previous one and support working capital, acquisitions, and repayment of other debts while enabling strategic opportunities through short-term borrowing.
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