Howard Hughes Corp. priced a private placement of $800.0 million of senior unsecured notes due 2025.
Net proceeds from the offering, set to close March 16, will go toward repurchasing via a tender offer, or redeeming, the company's outstanding 6.875% senior notes due 2021 and paying related costs. Any remaining funds will be used for general corporate purposes.
The notes will carry a 5.375% annual interest rate, payable semiannually every Sept. 15 and March 15, starting Sept. 15.
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