Howard Hughes Corp. Upsizes Private Notes Issue
The Howard Hughes Corporation is going to be taking in more money than previously anticipated from a private placement of senior notes. The company announced that it will offer $750 million in principal amount of the securities, 50% more than its initial anticipation of $500 million.
The notes will carry a rate of 6.875%, and mature in 2021. Hughes said it aims to use the proceeds for development and acquisitions, as well as for "other general corporate purposes."
The offering is expected to close on October 2.
At the end of its most recently reported quarter, Hughes had cash and cash equivalents totaling $213.2 million. Its mortgages, notes, and loans payable amounted to $715.5 million.
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