HIW - Highwoods Properties recasts credit facility at higher amount lower rate

Highwoods Properties (HIW) gets a new $750M revolving credit facility that replaces its existing $600M one.Accordion feature is increased to $550M from $400M.LIBOR borrowing spread is set to 90 basis points vs. 100 bps previously; the spread will be reduced by one basis point provided that Highwoods meets certain sustainability goals related to reduction of greenhouse gas emissions.Maturity date before extension rights is March 2025 vs. January 2022.The new terms further strengthen HIW's balance sheet and improves its liquidity, said HIW President and CEO Ted Klinck.

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Highwoods Properties recasts credit facility at higher amount, lower rate