The Howard Hughes Corporation to Redeem its 5.375% Senior Notes due 2028

Howard Hughes (NYSE: HHH) announced that its subsidiary will redeem all outstanding 5.375% Senior Notes due 2028 on February 19, 2026.

Rhea-AI Summary

Howard Hughes (NYSE: HHH) announced that its subsidiary will redeem all outstanding 5.375% Senior Notes due 2028 on February 19, 2026. The aggregate principal outstanding is $750,000,000.

The redemption price equals 100.896% plus accrued interest, totaling $1,011.6475 per $1,000 principal. HHC intends to fund the redemption with proceeds from its previously announced senior notes due 2032 and 2034, and the obligation is subject to the closing of that offering.

Positive

• Aggregate principal of $750,000,000 to be redeemed
• Redemption extends debt maturity via 2032 and 2034 financings
• Redemption price fixed at 100.896% (clear cash-out amount)

Negative

• Redemption obligation is subject to closing of the New Notes Offering
• HHC pays a cash premium of about 1.16475% per $1,000 principal

Argus Feb 4 session

+2.15% close to close Open Argus

Details

News Market Reaction – HHH

On Feb 4, the day this news came out, HHH closed 2.15% above the previous close.

Data tracked by StockTitan Argus for the Feb 4 session.

Key Figures

Coupon rate: 5.375% Notes principal: $750,000,000 Redemption date: February 19, 2026 +5 more

Coupon rate

5.375%

Interest rate on Senior Notes due 2028 being redeemed

Notes principal

$750,000,000

Aggregate principal amount of 5.375% Senior Notes due 2028

Redemption date

February 19, 2026

Scheduled redemption of all outstanding 5.375% Senior Notes

Redemption price

100.896% of principal

Price at which the 2028 Notes will be redeemed

Per-note payment

$1,011.6475 per $1,000

Total payment including accrued and unpaid interest to redemption date

Original maturity

2028

Stated maturity year of the Senior Notes being redeemed

New notes maturity 1

2032

One tranche of senior notes in the New Notes Offering

New notes maturity 2

2034

Second tranche of senior notes in the New Notes Offering

Historical Context

5 past events · Latest: Jan 08

5 events

1. Jan 08

   Earnings call scheduling

   24h Move

   +2.2%

   Announced dates and access details for Q4 2025 earnings release and call.

2. Dec 18

   Acquisition financing

   24h Move

   +1.0%

   Outlined $2.1B Vantage purchase financing and strategic structure with Pershing.

3. Dec 18

   Preferred stock investment

   24h Move

   +1.0%

   Pershing Square agreed to subscribe for up to $1.0B preferred to fund Vantage deal.

4. Dec 18

   Major acquisition

   24h Move

   +1.0%

   Agreed to acquire 100% of Vantage Group Holdings for about $2.1B in cash.

5. Nov 17

   Project grand opening

   24h Move

   -0.4%

   Opened Teravalis, a 37,000-acre master planned community in Arizona.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

senior notes, principal amount, accrued and unpaid interest, The Depository Trust Company, +4 more

8 terms

senior notes financial

"to redeem all of HHC’s outstanding 5.375% Senior Notes due 2028"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

principal amount financial

"The aggregate principal amount outstanding of the Notes is $750,000,000."

The principal amount is the original sum of money that is borrowed, lent, or invested before any interest, fees, or returns are added. It matters to investors because interest charges, scheduled repayments, and total return are calculated from that base amount — think of it as the price tag on which future costs or gains are built. Knowing the principal helps you compare deals and predict cash flows and risk.

accrued and unpaid interest financial

"plus accrued and unpaid interest on the Notes to, but excluding, the redemption date"

Accrued and unpaid interest is the interest that has built up on a loan or debt but hasn't been paid yet. It's like owing your friend money for a favor over time—you're expected to pay it later, even though you haven't paid it yet. This matters because it shows how much you owe beyond the original amount borrowed.

The Depository Trust Company financial

"Payment of the redemption price for the Notes will be made in accordance with the applicable procedures of The Depository Trust Company."

The Depository Trust Company is a large organization that safely manages and keeps electronic records of ownership for stocks, bonds, and other securities. It acts like a digital warehouse, making it easier and faster for investors to buy, sell, and transfer investments without needing physical paper certificates. This helps ensure transactions are secure, accurate, and completed smoothly.

trustee financial

"Computershare Trust Company, N.A. is the trustee, paying agent and registrar for the Notes."

A trustee is a person or institution legally appointed to hold and manage assets or enforce an agreement on behalf of other people (beneficiaries). Think of a trustee as a neutral referee or custodian who must act in the beneficiaries’ best interests, follow the trust or contract rules, and handle distributions, recordkeeping and enforcement. Investors care because a trustworthy trustee protects their rights, ensures promised payments or remedies are delivered, and can influence recoveries if things go wrong.

paying agent financial

"Computershare Trust Company, N.A. is the trustee, paying agent and registrar for the Notes."

A paying agent is a bank or company that helps deliver payments, like interest or dividends, to investors. It’s like a trusted middleman who makes sure everyone gets their money on time, so investors don’t have to handle the details themselves.

indenture financial

"required under the indenture governing the Notes, which notice shall be provided"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

notice of redemption financial

"shall not constitute a notice of redemption. The redemption shall be made solely pursuant"

A notice of redemption is a formal announcement from a bond or preferred-stock issuer that it will repay and retire those securities on a specified date and at a specified price, telling holders which issues will be called and when. It matters to investors because it changes the timing and amount of expected cash flows—like a store buying back a gift card early, you get your money sooner but may lose future income and must find a new place to reinvest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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THE WOODLANDS, Texas, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“Howard Hughes,” “HHH,” or the “Company”) today announced that its wholly owned subsidiary, The Howard Hughes Corporation (“HHC”), has given notice of its intention to redeem all of HHC’s outstanding 5.375% Senior Notes due 2028 (the “Notes”) on February 19, 2026 (the “redemption date”).

The aggregate principal amount outstanding of the Notes is $750,000,000. The redemption price for the Notes will be equal to 100.896% of the principal amount thereof, plus accrued and unpaid interest on the Notes to, but excluding, the redemption date, for a total payment to holders of $1,011.6475 per $1,000 principal amount of Notes.

HHC intends to fund the redemption of the Notes with proceeds from its previously announced offering of senior notes due 2032 and senior notes due 2034 (the “New Notes Offering”). HHC’s obligation to redeem the Notes is subject to the completion of the closing of the New Notes Offering. On and after the redemption date, the Notes will no longer be deemed outstanding, interest will cease to accrue thereon, and all rights of the holders of the Notes will cease, except for the right to receive the redemption price.

Payment of the redemption price for the Notes will be made in accordance with the applicable procedures of The Depository Trust Company.

Computershare Trust Company, N.A. is the trustee, paying agent and registrar for the Notes.

This press release is for information purposes only and shall not constitute a notice of redemption. The redemption shall be made solely pursuant to the official notice of redemption required under the indenture governing the Notes, which notice shall be provided by the trustee on behalf of HHC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the Notes or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands^®, Bridgeland^® and The Woodlands Hills^® in Greater Houston; Summerlin^® in Las Vegas; Teravalis™ in Greater Phoenix; Ward Village^® in Honolulu; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.

Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

Media Relations:
Cristina Carlson
Howard Hughes
cristina.carlson@howardhughes.com
646-822-6910

Francis McGill
Pershing Square
McGill@persq.com
212-909-2455

Investor Relations:
investorrelations@howardhughes.com
281-929-7700

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Howard Hughes (HHH) redeem its 5.375% Senior Notes due 2028?

Howard Hughes will redeem the 5.375% Senior Notes due 2028 on February 19, 2026. According to the company, holders will receive the redemption price plus accrued interest and the notes will cease accruing interest after that date.

How much principal of the 5.375% Senior Notes due 2028 is being redeemed by HHH?

The company will redeem an aggregate principal amount of $750,000,000 of the 2028 notes. According to the company, payment will be made through The Depository Trust Company procedures and by the trustee on the redemption date.

What redemption price will Howard Hughes (HHH) pay for each $1,000 of 2028 notes?

HHC will pay a redemption price equal to 100.896% plus accrued interest, or $1,011.6475 per $1,000 principal. According to the company, this amount includes the premium and accrued and unpaid interest to, but excluding, the redemption date.

How does HHH intend to fund the redemption of the 2028 notes?

HHC intends to fund the redemption with proceeds from its previously announced senior notes due 2032 and 2034. According to the company, the redemption obligation is contingent on completion of the closing of that New Notes Offering.