DALLAS-The Howard Hughes Corporation is closing its previously announced offering of $750 million in aggregate principal amount of 6.875% senior notes due 2021 (the “notes”) in a private transaction that is exempt from the registration requirements of the Securities Act of 1933 (the “Act”).
“We are pleased with the strong reception from the bond market for this transaction,” said David Weinreb, CEO of The Howard Hughes Corporation. “The liquidity generated by this offering provides us substantial flexibility in funding our existing business plan.”
The notes will pay interest semiannually at a rate of 6.875% per annum. The offering generated net proceeds of approximately $739.6 million, after deducting the initial purchasers' discounts and estimated fees and expenses. The Howard Hughes Corporation intends to use the net proceeds from the offering for development, acquisitions and other general corporate purposes.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
