The Howard Hughes Corporation® Announces The Completion Of The Redemption Of Its Outstanding 5.375% Senior Notes Due 2025

Rhea-AI Summary

The Howard Hughes Corporation (NYSE: HHC) has completed the redemption of its remaining 5.375% senior notes due 2025, which were not tendered in a prior offer. These notes were redeemed at a price of 102.688% of the principal amount, plus accrued interest. The company utilized proceeds from a previous issuance of $650 million 4.125% and $650 million 4.375% senior notes, which closed on February 2, 2021, for this redemption. This strategic move reflects HHC's ongoing management of its debt portfolio.

Positive

• Successful completion of the redemption of outstanding 5.375% senior notes due 2025.
• Redemption executed at a price of 102.688%, demonstrating a proactive debt management strategy.

Negative

• None.

HOUSTON, March 15, 2021 /PRNewswire/ -- The Howard Hughes Corporation^®  (NYSE: HHC) (the "Company") today announced the completion of the redemption of its remaining, outstanding 5.375% senior notes due 2025 (the "Notes"), which were not tendered by holders in the Company's tender offer and consent solicitation that expired on February 16, 2021 (the "Tender Offer"). The remaining outstanding Notes were redeemed at a redemption price equal to 102.688% of the aggregate principal amount of such Notes, plus accrued and unpaid interest on such Notes to, but excluding, the redemption date. As previously announced, the Company used a portion of the proceeds from its offering of $650 million in aggregate principal amount of 4.125% senior notes due 2029 and $650 million in aggregate principal amount of 4.375% senior notes due 2031, which both closed on February 2, 2021, to redeem the outstanding Notes not tendered in the Tender Offer.

About The Howard Hughes Corporation^®
The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. The Company's assets include master planned cities and communities, as well as operating properties and development opportunities including: the Seaport District in New York; Downtown Columbia^®, Maryland; The Woodlands^®, The Woodlands Hills^®, and Bridgeland^® in the Greater Houston, Texas area; Summerlin^®, Las Vegas; and Ward Village^® in Honolulu, Hawaiʻi.

Contacts:
For Media 
The Howard Hughes Corporation
Cristina Carlson, 646-822-6910
Senior Vice President, Head of Corporate Communications
cristina.carlson@howardhughes.com

For HHC Investor Relations
David M. Striph, 281-929-7772
Executive Vice President, Head of Operations & Investor Relations
david.striph@howardhughes.com

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SOURCE The Howard Hughes Corporation

FAQ

What was announced by Howard Hughes Corporation on March 15, 2021?

On March 15, 2021, Howard Hughes Corporation announced the completion of the redemption of its remaining 5.375% senior notes due 2025.

How much of the senior notes did Howard Hughes redeem?

Howard Hughes Corporation redeemed its remaining 5.375% senior notes due 2025, which were not tendered in the prior offer.

What was the redemption price for the 5.375% senior notes?

The 5.375% senior notes were redeemed at a price equal to 102.688% of the aggregate principal amount, plus accrued interest.

What financial moves did HHC take prior to the redemption of the notes?

HHC used proceeds from the issuance of $650 million in 4.125% senior notes due 2029 and $650 million in 4.375% senior notes due 2031 for the redemption.