The Howard Hughes Corporation (NYSE:HHC) is going to be taking in more money than previously anticipated from a private placement of senior notes. The company announced that it will offer $750 million in principal amount of the securities, 50% more than its initial anticipation of $500 million.
The notes will carry a rate of 6.875%, and mature in 2021. Hughes said it aims to use the proceeds for development and acquisitions, as well as for "other general corporate purposes."
The offering is expected to close on October 2.
At the end of its most recently reported quarter, Hughes had cash and cash equivalents totaling $213.2 million. Its mortgages, notes, and loans payable amounted to $715.5 million.
Fool contributor Eric Volkman has no position in The Howard Hughes Corporation. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.