- The Howard Hughes Corp. (NYSE:HHC) closes on a secured, non-recourse corporate credit facility with loan proceeds of up to $700M, made up of a $615M term loan and an $85M revolver.
- Includes right to increase the revolver by $50M through an accordion feature.
- Five-year financing carries interest rate of Libor + 1.65% and refinances about $609M of existing debt that carried weighted average interest rate of Libor + 2.20% and a weighted average remaining term of 1.7 years.
- Initial amount drawn is $615M.
- HHC hedge interest rate risk with a swap on the term loan portion of the facility through maturity.
- Previously: Howard Hughes Corp. buys two office buildings, land in Woodlands, TX (Sept. 5)
Howard Hughes closes on $700M term loan
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Symbol | Last Price | % Chg |
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Howard Hughes Holdings Inc. |