HIW - Highwoods upsizes term loan by $150M extends maturity to 2026

Highwoods Properties (NYSE:HIW) has recast its $200M bank term loan by extending the maturity date by 3.5 years to May 2026 and obtaining a $150M delayed-draw term loan that will mature in May 2027. It expects to use the additional $150M of borrowings, which must be drawn in their entirety within 90 days, for working capital purposes, the short-term funding of its development and acquisition activity, and the repayment of other debt. The interest rate on its new term loan is SOFR (secured overnight financing rate) plus related spread adjustment of 10 basis points and a borrowing spread of 95 bps. Meanwhile, the interest rate on its $750M unsecured revolving credit facility will be converted from LIBOR plus 90 bps to SOFR plus a related spread adjustment of 10 basis points and a borrowing spread of 85 bps. For both the term loan and the revolving credit facility, the borrowing

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Highwoods upsizes term loan by $150M, extends maturity to 2026