Highwoods lifts cap in tender offer for 3.2% notes to $150 million

By Sarah Lizee

Olympia, Wash., July 30 – Highwoods Properties, Inc. increased the cap in the tender offer for its $300 million outstanding 3.2% notes due 2021 (Cusip: 431282AN2) to $150 million, according to a press release late Thursday.

The company announced the tender offer earlier in the day with an initial cap of $100 million.

All other terms of the offer are unchanged, the company said.

Pricing will be determined using the 2.375% U.S. Treasury due April 15, 2021 plus a fixed spread of 20 basis points.

The pricing of the offer will include a $30 early tender payment for noteholders who validly tender by the early tender deadline, 5 p.m. ET on Aug. 12.

The early tender deadline is also the withdrawal deadline.

Pricing will be determined at 10 a.m. ET on Aug. 13.

Early settlement is expected on Aug. 14.

The offer will expire at midnight ET on Aug. 26 with final settlement expected on Aug. 28.

If the offer is oversubscribed, notes will be accepted for purchase subject to proration. Notes tendered before the early deadline will have priority over notes tendered after the early deadline.

Wells Fargo Securities, LLC is the dealer manager for the offer (704 410-4759, 866 309-6316, liabilitymanagement@wellsfargo.com).

The tender and information agent is D.F. King & Co., Inc. (212 269-5550, 800 628-8532, hiw@dfking.com).

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

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