Back to top

Analyst Blog

Zacks Equity Research

Highwoods Prices Senior Notes

HIW WFC

 ZacksTrade Now

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at support@zacks.com or call 800-767-3771 ext.  9339.

The operating partnership of Highwoods Properties Inc (HIW - Analyst Report), a real estate investment trust (REIT), has recently priced 3.625% senior unsecured notes worth $250 million. The notes are scheduled to mature in January 2023 to yield 3.752% on maturity.

The net proceeds are intended to be utilized to reduce debt outstanding under the company's $475 million revolving credit facility and for general corporate purposes. At the end of third quarter 2012, Highwoods had $9.1 million in cash and cash equivalents.

Subsequent to the end of third quarter 2012, the company extended the maturity of a $200 million unsecured term loan scheduled to mature in February 2016 to January 2018. The modified loan carries interest at LIBOR plus 1.65%, a 55 basis point reduction from the original interest rate of LIBOR plus 2.20%.

Wells Fargo Securities, LLC, part of Wells Fargo & Company (WFC - Analyst Report), and Jefferies & Company, Inc., part of Jefferies Group, Inc acted as joint book-running managers for the offering.

Highwoods is one of the largest owners and operators of suburban office, industrial and retail properties in the Southeastern and Midwestern U.S., providing a complete line of real estate services to its customers and third parties through a fully-integrated organization. The company maintains a conservative and flexible balance sheet with ample liquidity and minimal debt maturities that enable it to capitalize on potential acquisition opportunities to fuel its top-line growth.

Highwoods currently retains a Zacks #2 Rank, which translates into a short-term Buy rating. We also maintain our long-term Neutral recommendation on the stock.

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
DIXIE GROUP DXYN 15.84 +7.90%
BOFL HOLDING BOFI 85.30 +4.97%
RAMBUS INC RMBS 12.31 +4.41%
VIPSHOP HOLD VIPS 148.73 +4.35%
NETFLIX INC NFLX 345.74 +4.32%