HIW Secures New Credit Facility

Highwoods Properties Inc. (HIW), a leading real estate investment trust (REIT), recently obtained a new $400 million unsecured revolving credit facility from a consortium of 12 banks. The new credit facility is scheduled to mature in Feb 2013, and replaces the existing $450 million credit facility that was scheduled to mature in May 2010.
 
The new credit facility has an interest rate of LIBOR plus 290 basis points and an annual facility fee of 60 basis points. Highwoods Properties currently has no outstanding debt under the new credit facility. In addition, the company has no debt maturities until 2011. This provides Highwoods Properties with the financial flexibility to utilize the available cash on strategic acquisitions and build-to-suit development opportunities.
 
Highwoods Properties owns and manages office, industrial, retail and service center properties, including development projects and apartment units. It also provides customer-related and fee-based real estate management services for its properties and for third-party clients.
 
Based in Raleigh, North Carolina, Highwoods Properties owns and operates its properties through its wholly owned subsidiary Highwoods Realty Limited Partnerships. The core markets of the company include Florida, Georgia, Iowa, Maryland, Missouri, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. As of Sep 30, 2009, Highwoods Properties owned or had interests in 380 in-service office, industrial holdings and retail properties, with 35.4 million square feet of gross leaseable space. In addition, it also owns 580 acres of developable land.

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