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Howard Hughes redeems 6.875% notes

Howard Hughes Corp. completed the redemption of the remainder of its 6.875% senior notes due 2021 that were not tendered by a March 15 deadline in a previously announced tender offer and consent solicitation.

The company received tenders of approximately $591.7 million of the $750.0 million outstanding principal amount of notes by the deadline. The company paid a redemption price equal to 105.156%, or $158.3 million, plus $8.2 million, of the unpaid principal amount of notes not tendered in the tender offer.

The company funded the redemption with a part of the proceeds of its recently completed offering of $800 million of 5.375% senior notes due 2025.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC were the dealer managers and solicitation agents for the tender offer.