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HIW > SEC Filings for HIW > Form 8-K on 13-Nov-2013All Recent SEC Filings

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Form 8-K for HIGHWOODS PROPERTIES INC


13-Nov-2013

Entry into a Material Definitive Agreement, Termination of a Material De


Item 1.01. Entry into a Material Definitive Agreement.

On November 12, 2013, we entered into an amended and restated $475.0 million unsecured revolving credit facility, which replaced our previously existing $475.0 million revolving credit facility, and includes an accordion feature that allows for an additional $75.0 million of borrowing capacity subject to additional lender commitments. Our new revolving credit facility is originally scheduled to mature in January 2018. Assuming no defaults have occurred, we have an option to extend the maturity for two additional six-month periods. The interest rate on the new facility at our current credit ratings is LIBOR plus 110 basis points and the annual facility fee is 20 basis points. The interest rate and facility fee under the new facility are based on the higher of the publicly announced ratings from Moody's Investors Service or Standard & Poor's Ratings Services. The financial and other covenants under the new facility are similar to our previous credit facility. We use our revolving credit facility for working capital purposes and for the short-term funding of our development and acquisition activity and, in certain instances, the repayment of other debt. The continued ability to borrow under the revolving credit facility allows us to quickly capitalize on strategic opportunities at short-term interest rates.

We simultaneously amended and restated our $200.0 million, five-year unsecured bank term loan, which was scheduled to mature in January 2018. The loan is now scheduled to mature in January 2019 and the interest rate, based on our current credit ratings, was reduced from LIBOR plus 135 basis points to LIBOR plus 120 basis points. We also simultaneously amended and restated our $225.0 million, seven-year unsecured bank term loan to conform certain provisions to our other credit facilities.

The foregoing description of the amended and restated credit facilities is not complete and is qualified in its entirety by reference to the full text of the agreements, which are filed as Exhibits 10.1, 10.2 and 10.3 hereto and incorporated herein by reference.



Item 1.02 Termination of a Material Definitive Agreement.

The information in this report set forth above under Item 1.01 is incorporated herein by reference.



Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information in this report set forth above under Item 1.01 is incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

No. Description

10.1   Fourth Amended and Restated Credit Agreement, dated as of November 12,
       2013, by and among the Company, the Operating Partnership, Bank of
       America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer,
       Wells Fargo Bank, National Association, as Syndication Agent, and the
       Other Lenders named therein


10.2   Amended and Restated Five-Year Term Loan Agreement, dated as of November
       12, 2013, by and among the Company, the Operating Partnership, Wells Fargo
       Bank, National Association, as Administrative Agent, and the Other Lenders
       named therein


10.3   Amended and Restated Seven-Year Term Loan Agreement, dated as of November
       12, 2013, by and among the Company, the Operating Partnership, Wells Fargo
       Bank, National Association, as Administrative Agent, and the Other Lenders
       named therein


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