Howard Hughes Prices $1B Senior Notes to Fund Redemption of $750M 5.375% Bonds
Howard Hughes’s subsidiary HHC priced $500 million of 5.875% senior notes due 2032 and $500 million of 6.125% senior notes due 2034 at par. The offering is expected to close February 17, 2026, with proceeds earmarked to redeem $750 million of 5.375% notes due 2028 at 100.896%, effective February 19.
1. Offering Pricing and Structure
The Howard Hughes Corporation (HHC), a wholly owned subsidiary of Howard Hughes Holdings Inc. (HHH), successfully priced a private placement of senior notes totaling $1.0 billion on February 4, 2026. The issuance comprises $500 million of 10-year notes due 2032 and $500 million of 12-year notes due 2034, each sold at par. The offering is slated to close on February 17, 2026, subject to customary conditions.
2. Interest Rates and Payment Schedule
The 2032 Notes carry a semi-annual coupon of 5.875%, while the 2034 Notes bear a semi-annual coupon of 6.125%. Interest payments for both series are scheduled for March 1 and September 1 of each year, commencing September 1, 2026. The notes are unsecured senior obligations of HHC.
3. Use of Proceeds
Net proceeds from the offering will be deployed to redeem HHC’s outstanding 5.375% senior notes due 2028, including related premiums, accrued interest and redemption expenses. Any balance will support general corporate purposes, enhancing the company’s capital structure and extending debt maturities.
4. Private Placement and Investor Eligibility
The notes were offered exclusively to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, in reliance on exemptions from registration under the Securities Act of 1933. The securities are not registered in any jurisdiction and may not be resold in the U.S. absent registration or an applicable exemption.