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Highwoods/Forsyth Limited Partnership Announces Sale of $100 Million of 6.75% Notes Due December 1, 2003 and $110 Million of 7.00% Notes Due December 1, 2006.

RALEIGH, N.C., Nov. 26 /PRNewswire/ -- Highwoods/Forsyth Limited Partnership (the "Operating Partnership"), the operating subsidiary of Highwoods Properties, Inc. (the "Company") (NYSE: HIW) today announced the sale of $100 million of 6.75% Notes due December 1, 2003 (the "Seven-year Notes") and $110 million of 7.00% Notes due December 1, 2006 (the "Ten-year Notes"). The Seven-year notes were priced at 80 basis points over the current yield for seven-year Treasury Notes and were sold at 99.735% of par to yield 6.917%. The Ten-year Notes were priced at 95 basis points over the current yield for ten-year Treasury Notes and were sold at 99.730% of par to yield 7.134%.

Proceeds from the offering will be used to pay down revolving loan and secured notes payable indebtedness and to settle various interest rate swap agreements.

The Notes will trade on the New York Stock Exchange under the symbols HIW03 and HIW06 for the Seven and Ten-year Notes, respectively. The Notes are rated BBB/Baa2/BBB by S&P, Moody's and Fitch, respectively.

The managing underwriters for the Offering were Goldman Sachs & Co., Merrill Lynch & Co., and NationsBanc Capital Markets, Inc.

The Company is a fully integrated, self-administered real estate investment trust ("REIT") which provides leasing, management, development, construction and other tenant-related services for its properties and for third parties. The Company currently owns 283 suburban office, industrial and service center properties encompassing approximately 16.9 million square feet. The Company has 16 properties under development (13 suburban office properties and three industrial properties), which will encompass approximately 1.2 million square feet. The Company also controls approximately 500 acres of land for future development. The properties and the development land are located in the Southeastern US; in the states of North Carolina, Tennessee, Florida, Virginia, South Carolina, Georgia, and Alabama.

SOURCE Highwoods Properties, Inc.
 -0- 11/26/96

/CONTACT: Carman J. Liuzzo, Chief Financial Officer, 919-875-6605, or Thomas D. Welliver, Director of Investor Relations, 919-875-6607, both of Highwoods Properties, Inc./

/Highwoods Properties, Inc.'s press releases available through Company News On-Call by fax 800-758-5804, ext. 361693, or at


CO: Highwoods Properties, Inc. ST: North Carolina IN: SU: OFR

TL -- CHTU011 -- 4476 11/26/96 19:03 EST
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Publication:PR Newswire
Date:Nov 26, 1996
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