Highwoods Properties, Inc. (NYSE: HIW) has recast a $150 million unsecured bank term loan, extending the maturity date from May 2027 to June 2031. The agreement includes two one-year extension options that the company can exercise if no defaults occur.

The interest rate on the extended $150 million term loan is now SOFR plus 90 basis points. The company's $200 million term loan carries an interest rate of SOFR plus 95 basis points, while its $750 million unsecured revolving credit facility is priced at SOFR plus 85 basis points. All three facilities include provisions for interest rate adjustments of up to 2.5 basis points based on the company's achievement of predetermined sustainability goals related to greenhouse gas emissions reduction.

BofA Securities, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC, T.D. Bank, N.A., Truist Securities, Inc., U.S. Bank National Association and JPMorgan Chase Bank, N.A. served as Joint Lead Arrangers on the extended term loan. BofA Securities, Inc., Wells Fargo Securities, LLC and PNC Capital Markets LLC acted as Joint Bookrunners.

Bank of America, N.A. is Administrative Agent, while Wells Fargo Bank, National Association and PNC Bank, National Association serve as Co-Syndication Agents. TD Bank, N.A., Truist Bank, U.S. Bank National Association and JPMorgan Chase Bank, N.A. served as Co-Documentation Agents. First Citizens Bank served as Senior Managing Agent, with First Horizon Bank and Associated Bank, National Association participating as other lenders.

Highwoods Properties is a real estate investment trust that owns and manages office properties in Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.