Maintains Borrowing Capacity
Extends Maturity Date
New Facility | Old Facility | |
Amount | ||
SOFR Borrowing Spread (1) | 85 bps | 85 bps |
Annual Facility Fee | 20 bps | 20 bps |
Maturity Date before Extension Options | ||
Unilateral Extension Options | Two 6-Month | Two 6-Month |
(1) The borrowing spread excludes a SOFR-related spread adjustment of 10 basis points.
About Highwoods
Forward-Looking Statements
Some of the information in this press release may contain forward-looking statements. Such statements include statements about the Company’s liquidity and future growth opportunities. You can identify forward-looking statements by our use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue” or other similar words. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that our plans, intentions or expectations will be achieved.
Factors that could cause our actual results to differ materially from Highwoods’ current expectations include, among others, the following: the financial condition of our customers could deteriorate; our assumptions regarding potential losses related to customer financial difficulties could prove to be incorrect; counterparties under our debt instruments, particularly our revolving credit facility, may attempt to avoid their obligations thereunder, which, if successful, would reduce our available liquidity; we may not be able to lease or re-lease second generation space, defined as previously occupied space that becomes available for lease, quickly or on as favorable terms as old leases; we may not be able to lease newly constructed buildings as quickly or on as favorable terms as originally anticipated; we may not be able to complete development, acquisition, reinvestment, disposition or joint venture projects as quickly or on as favorable terms as anticipated; development activity in our existing markets could result in an excessive supply relative to customer demand; our markets may suffer declines in economic and/or office employment growth; unanticipated increases in interest rates could increase our debt service costs; unanticipated increases in operating expenses could negatively impact our operating results; natural disasters and climate change could have an adverse impact on our cash flow and operating results; we may not be able to meet our liquidity requirements or obtain capital on favorable terms to fund our working capital needs and growth initiatives or repay or refinance outstanding debt upon maturity; and the Company could lose key executive officers.
This list of risks and uncertainties, however, is not intended to be exhaustive. You should also review the other cautionary statements we make in “Risk Factors” set forth in our 2022 Annual Report on Form 10-K and subsequent
Contact: | |
Executive Vice President and Chief Financial Officer | |
brendan.maiorana@highwoods.com | |
919-872-4924 |
Source:
2024 GlobeNewswire, Inc., source