Chicago, Nov. 14 – Highwoods Realty LP priced $350 million of 7.65% notes due Feb. 1, 2034 (Baa2/BBB) on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 98.672 to yield 7.836%, or at Treasuries plus 337.5 basis points.
The notes have a make-whole call option at Treasuries plus 50 bps and then a par call option.
PNC Capital Markets LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC are listed as joint bookrunners.
Regions Securities LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc. also worked as joint bookrunners.
Proceeds will be used to repay some of the company’s outstanding debt, including $750 million outstanding on a revolving credit facility and a $200 million term loan. The notes will also be used for general corporate purposes.
The real estate investment trust is based in Raleigh, N.C.
| Issuer: | Highwoods Realty LP
|
| Amount: | $350 million
|
| Issue: | Notes
|
| Maturity: | Feb. 1, 2034
|
| Bookrunners: | PNC Capital Markets LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC, Regions Securities LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc.
|
| Co-managers: | FHN Financial Securities Corp. and Samuel A. Ramirez & Co., Inc.
|
| Trustee: | U.S. Bank NA
|
| Counsel to issuer: | DLA Piper LLP (US) and Vinson & Elkins, LLP
|
| Counsel to underwriters: | Baker Botts LLP
|
| Coupon: | 7.65%
|
| Price: | 98.672
|
| Yield: | 7.836%
|
| Spread: | Treasuries plus 337.5 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps prior to Nov. 1, 2033; three-month par call
|
| Trade date: | Nov. 14
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Cusip: | 431282AU6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
