Highwoods Obtains New $200 Million Term Loan

RALEIGH, N.C., Oct. 11, 2022 (GLOBE NEWSWIRE) — Highwoods Properties, Inc. (NYSE:HIW) has obtained a $200.0 million, two-year unsecured financial institution time period mortgage that’s scheduled to mature in October 2024. Assuming no defaults have occurred, the Company has an possibility to increase the maturity for one extra 12 months. The Company expects to make use of the extra $200 million of borrowings for working capital functions, the short-term funding of our growth and acquisition exercise and the compensation of different debt.

The rate of interest on the brand new time period mortgage is SOFR plus a associated unfold adjustment of 10 foundation factors and a borrowing unfold of 95 foundation factors. The borrowing unfold might be decreased by one foundation level offered Highwoods meets sure sustainability objectives with respect to the continued discount of greenhouse gasoline emissions.

Ted Klinck, President and Chief Executive Officer of Highwoods Properties, mentioned, “We appreciate the confidence shown in Highwoods by our bank group. We have now obtained $550 million of term loans in 2022. Our bank group’s support and partnership has provided us the financial capacity needed to pursue our strategic objectives while preserving our financial flexibility.”

BofA Securities, Inc., PNC Capital Markets LLC, Truist Securities, Inc. and U.S. Bank National Association served as Joint Lead Arrangers on the brand new time period mortgage, with BofA Securities, Inc. and PNC Capital Markets LLC serving as Joint Bookrunners. Bank of America, N.A. is Administrative Agent and PNC Bank, National Association is Syndication Agent. Truist Bank and U.S. Bank National Association served as Co-Documentation Agents. Regions Bank and TD Bank, N.A. served as Co-Managing Agents.

About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) actual property funding belief (“REIT”) and a member of the S&P MidCap 400 Index. The Company is a fully-integrated workplace REIT that owns, develops, acquires, leases and manages properties primarily in one of the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. For extra details about Highwoods, please go to our web site at www.highwoods.com.

Forward-Looking Statements
Some of the data on this press launch could comprise forward-looking statements. Such statements embody, particularly, statements about our plans, methods and prospects equivalent to the next: the deliberate gross sales of non-core property and anticipated pricing and impression with respect to such gross sales, together with the tax impression of such gross sales; the anticipated monetary and operational outcomes and the associated assumptions underlying our anticipated outcomes, together with however not restricted to potential losses associated to buyer difficulties, anticipated constructing utilization and anticipated financial exercise as a result of COVID-19; the persevering with potential to borrow underneath the Company’s revolving credit score facility; the anticipated complete funding, projected leasing exercise, estimated alternative price and anticipated web working revenue of acquired properties and properties to be developed; and anticipated future leverage of the Company. You can establish forward-looking statements by our use of forward-looking terminology equivalent to “may,” “will,” “expect,” “anticipate,” “estimate,” “continue” or different comparable phrases. Although we consider that our plans, intentions and expectations mirrored in or recommended by such forward-looking statements are affordable, we can not guarantee you that our plans, intentions or expectations might be achieved.

Factors that would trigger precise outcomes to vary materially from Highwoods’ present expectations embody, amongst others, the next: consumers is probably not out there and pricing is probably not satisfactory with respect to the deliberate tendencies of non-core property; comparable gross sales information on which we based mostly our expectations with respect to the gross sales value of the non-core property could not mirror present market developments; the extent to which the continued COVID-19 pandemic impacts our monetary situation, outcomes of operations and money flows will depend on future developments, that are extremely unsure and can’t be predicted with confidence, together with the scope, severity and length of the pandemic and its impression on the U.S. economy and potential modifications in buyer conduct that would adversely have an effect on the usage of and demand for workplace area; the monetary situation of our prospects may deteriorate or additional worsen, which may very well be additional exacerbated by the COVID-19 pandemic; our assumptions concerning potential losses associated to buyer monetary difficulties because of the COVID-19 pandemic may show incorrect; counterparties underneath our debt devices, notably our revolving credit score facility, could try and keep away from their obligations thereunder, which, if profitable, would cut back our out there liquidity; we could not have the ability to lease or re-lease second technology area, outlined as beforehand occupied area that turns into out there for lease, rapidly or on as favorable phrases as previous leases; we could not have the ability to lease newly constructed buildings as rapidly or on as favorable phrases as initially anticipated; we could not have the ability to full growth, acquisition, reinvestment, disposition or three way partnership initiatives as rapidly or on as favorable phrases as anticipated; growth exercise in our present markets may lead to an extreme provide relative to buyer demand; our markets could endure declines in financial and/or workplace employment progress; unanticipated will increase in rates of interest may improve our debt service prices; unanticipated will increase in working bills may negatively impression our working outcomes; pure disasters and local weather change may have an hostile impression on our money circulation and working outcomes; we could not have the ability to meet our liquidity necessities or get hold of capital on favorable phrases to fund our working capital wants and progress initiatives or repay or refinance excellent debt upon maturity; and the Company may lose key govt officers.

This listing of dangers and uncertainties, nevertheless, just isn’t meant to be exhaustive. You also needs to assessment the opposite cautionary statements we make in “Risk Factors” set forth in our 2021 Annual Report on Form 10-Okay. Given these uncertainties, you shouldn’t place undue reliance on forward-looking statements. We undertake no obligation to publicly launch the outcomes of any revisions to those forward-looking statements to mirror any future occasions or circumstances or to mirror the incidence of unanticipated occasions.