Hughes Concludes $750M Bond Offering

DALLAS-The Howard Hughes Corporation is closing its previously announced offering of $750 million in aggregate principal amount of 6.875% senior notes due 2021 (the “notes”) in a private transaction that is exempt from the registration requirements of the Securities Act of 1933 (the “Act”).

“We are pleased with the strong reception from the bond market for this transaction,” said David Weinreb, CEO of The Howard Hughes Corporation. “The liquidity generated by this offering provides us substantial flexibility in funding our existing business plan.”

The notes will pay interest semiannually at a rate of 6.875% per annum. The offering generated net proceeds of approximately $739.6 million, after deducting the initial purchasers' discounts and estimated fees and expenses. The Howard Hughes Corporation intends to use the net proceeds from the offering for development, acquisitions and other general corporate purposes.

The notes have not been registered under the Act or the securities laws of any other place and may not be offered or sold in the United States absent registration or an applicable exemption therefrom. The notes were offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S.

The Howard Hughes Corporation owns, manages and develops commercial, residential and mixed-use real estate throughout the U.S. Our properties include master planned communities, operating properties, development opportunities and other unique assets spanning 16 states from New York to Hawai'i. The Howard Hughes Corporation is traded on the New York Stock Exchange as HHC and is headquartered in Dallas.