Highwoods Properties amends credit agreement, extends $200 million term loan to May 2026
Highwoods Properties modified its $200.0 million unsecured term loan on May 24, 2022, extending maturity from November 2022 to May 2026, and obtained a $150.0 million delayed-draw term loan maturing in May 2027. The company also converted its $750.0 million revolving credit facility to a lower spread over SOFR and reduced the accordion feature from $550.0 million to $400.0 million.
- Existing $200.0 million unsecured term loan maturity extended from November 2022 to May 2026
- New $150.0 million delayed-draw term loan matures May 2027 and must be drawn within 90 days, for working capital, development and acquisition funding and debt repayment
- $750.0 million revolver spread cut from LIBOR plus 90 basis points to SOFR plus a 10 basis point adjustment and 85 basis point borrowing spread
- Accordion feature reduced from $550.0 million to $400.0 million