|Maitland (28.6% JV)||Orlando||3||100.0%||306,400|
Highwoods also executed a recast of its unsecured revolving credit facility, which replaces the Company's existing revolving credit facility obtained in 2013.
|New Facility||Old Facility|
|LIBOR Borrowing Spread||100 bps||110 bps|
|Maturity Date before Extension Rights||January 2022||January 2018|
|Unilateral Extension Rights||Two 6-Month||Two 6-Month|
The Company also recast its $200 million unsecured bank term loan by extending the term from January 2019 to November 2022 and reducing the LIBOR borrowing spread from 120 basis points to 110 basis points and paid off $125 million of its $350 million unsecured bank term loan, which is scheduled to mature in June 2020 and has a LIBOR borrowing spread of 110 basis points.About HighwoodsHighwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW) real estate investment trust ("REIT") and a member of the S&P MidCap 400 Index. The Company is a fully integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Greensboro, Memphis, Nashville, Orlando, Pittsburgh, Raleigh, Richmond and Tampa. For more information about Highwoods, please visit our website at www.highwoods.com. Disclosure Regarding Forward-Looking StatementsCertain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws, such as the expected impact of our disposition and financing activity. These statements are distinguished by use of the words "will", "expect", "intend" and words of similar meaning. Although Highwoods believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that could cause actual results to differ materially from Highwoods current expectations include, among others, the following: development activity by competitors in existing markets could result in excessive supply of properties relative to customer demand; development, acquisition, reinvestment, disposition or joint venture projects may not be completed as quickly or on as favorable terms as anticipated; Highwoods may not be able to lease or re-lease second generation space quickly or on as favorable terms as old leases; Highwoods markets may suffer declines in economic growth; Highwoods may not be able to lease newly constructed buildings as quickly or on as favorable terms as originally anticipated; unanticipated increases in interest rates could increase debt service costs; unanticipated increases in operating expenses could negatively impact Highwoods net operating income; Highwoods may not be able to meet its liquidity requirements or obtain capital on favorable terms to fund its working capital needs and growth initiatives or to repay or refinance outstanding debt upon maturity; Highwoods could lose key executive officers; and others detailed in Highwoods 2016 Annual Report on Form 10-K and subsequent SEC reports.
|Senior Vice President, Finance and Investor Relations|