There is currently $50.5 million outstanding under the new facility. A source at Highwoods tells GlobeSt.com the interest rate is LIBOR plus 1.05%.
The new facility replaces the Company's previous $300 million unsecured line of credit that would have expired in December. The new line of credit was arranged and syndicated by Banc of America Securities LLC.
Bank of America is the administrative agent, Wells Fargo Bank is the syndication agent and Branch Banking & Trust Co. and Fleet National Bank are the documentation agents. Other lenders include: AmSouth Bank, RBC Centura Bank, PNC Bank, SouthTrust Bank, Union Planters Bank and Wachovia Bank.
Highwoods President Ronald Gibson says the new facility brings increased financial flexibility and sufficient borrowing capacity to execute the company's business plan and confirms the company's "ongoing ability to access the capital markets."
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