Deal Description: On November 14, 2023, Highwoods Properties, Inc. (NYSE: HIW) (the “Company”) announced that Highwoods Realty Limited Partnership, the operating partnership through which the Company conducts its operations, priced a public offering of $350.0 million aggregate principal amount of its 7.65% unsecured notes due 2034. The offering is expected to close on November 21, 2023, subject to the satisfaction of customary closing conditions.

Highwoods Realty Limited Partnership intends to use the net proceeds from the sale of the notes to repay outstanding debt (including the amounts outstanding under its $750 million unsecured revolving credit facility and a $200 million unsecured bank term loan) and for general corporate purposes.

Baker Botts L.L.P. represented the underwriters in the offering.

Clients: PNC Capital Markets LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC acted as joint book-running managers. 

Outside Counsel to Highwoods: DLA Piper LLP (US)

Value: $350.0 million

Baker Botts Lawyers/Office Involved:

• Corporate: Catherine Gallagher (Partner, Washington, D.C.); Marshall Heins II (Associate, Houston); Sarah Dyer (Associate, Houston)
• Tax: Peter Farrell (Special Counsel, Washington, D.C.)

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