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Highwoods Replaces Expiring Credit Facility

RALEIGH, NC-The new $250-million facility for the largest owner and operator of suburban office properties in the Southeast replaces a $300-million unsecured line of credit that would have expired in December.

By Brian K. Miller | Updated on July 18, 2003

RALEIGH, NC-Highwoods Properties Inc. has closed on a new $250 million senior unsecured revolving credit facility with 10 lender banks. Highwoods, based in Raleigh, is largest owner and operator of suburban office properties in the Southeast.

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.

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