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Highwoods sells $93M of noncore properties subsequent to Q2

Highwoods Properties Inc. has sold $92.7 million of noncore properties since the end of the second quarter.

The properties include the 156,600-square-foot, 80.4% occupied, three-building Situs portfolio and the 94,900-square-foot, 85.5% occupied, two-building Park West portfolio, both in Raleigh, N.C. The company also disposed of the 492,600-square-foot, 77.0% occupied, seven-building Southwind portfolio in Memphis, Tenn., and its 28.6% share of a joint-venture in a 306,400-square-foot, 100% occupied, three-building portfolio in Orlando, Fla.

The company expects the disposition to impact its funds from operations for full-year 2017, and specifically for the fourth quarter, by about 2 cents per share.

Highwoods also replaced its existing revolving credit facility, boosting the main amount to $600 million from $475 million, and its accordion feature to $400 million from $75 million, while extending the maturity date to January 2022. The new facility provides a lower borrowing spread of 100 basis points and two six-month unilateral extension rights.

The company also recast its $200 million unsecured bank term loan by extending the term from January 2019 to November 2022 and reducing the London Interbank Offered Rate borrowing spread to 110 basis points from 120 basis points. The company paid off $125 million of its $350 million unsecured bank term loan set to mature in June 2020.

Merrill Lynch Pierce Fenner & Smith Inc. and Wells Fargo Securities LLC were the joint book runners and joint lead arrangers for the new credit facility, with PNC Capital Markets LLC as joint lead arranger. Bank of America NA acted as administrative agent, with Wells Fargo Bank NA and PNC Bank NA as co-syndication agents.

Branch Banking & Trust Co. and U.S. Bank NA were co-documentation agents and Capital One NA, Regions Bank and J.P. Morgan Chase Bank NA were co-managing agents. Other lenders included First Tennessee Bank NA and Fifth Third Bank.