Highwoods Properties, Inc. has executed a recast of a $200 million unsecured bank term loan, extending its maturity date from May 2026 to January 2029. The agreement includes an option for two additional one-year extensions, further enhancing long-term financial flexibility.
The interest rate for the new term loan is set at SOFR plus 95 basis points. This rate may be adjusted by 2.5 basis points, either upward or downward, based on the company's achievement of pre-determined sustainability goals related to greenhouse gas emissions reduction.
This proactive debt management move strengthens Highwoods' balance sheet by pushing out significant maturities, providing greater certainty in its capital structure. The sustainability-linked interest rate also aligns the company's financing with its environmental objectives.
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