Highwoods Realty to pay down debt under $825 million loan, revolver

By Susanna Moon

Chicago, Feb. 26 – Highwoods Realty LP plans to repay debt under its $225 million seven-year unsecured term loan and its $600 million unsecured revolving credit facility.

Proceeds for the paydown will come from an issue of new notes due 2029, according to a 424B5 filing with the Securities and Exchange Commission.

Interest on the seven-year unsecured term loan is Libor plus 110 basis points and is scheduled to mature in June 2020.

Interest on the revolver is Libor plus 100 bps and will mature in January 2022.

As of Dec. 31, there was $182 million outstanding under the revolver and $200,000 of outstanding letters of credit.

Proceeds of the new issue will also be used for general corporate purposes.

The real estate investment trust is based in Raleigh, N.C.

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