Piedmont Realty Trust Announces Proposed Exchangeable Senior Notes Offering
Piedmont Realty Trust announced a proposed private offering of $200 million of exchangeable senior notes due 2031, to be issued by its operating partnership and sold to qualified institutional buyers under Rule 144A, with a $30 million option for additional purchases. Proceeds are earmarked primarily to redeem all outstanding 9.250% senior notes due 2028, including the make-whole premium, funded together with ATM forward-sale settlement proceeds, cash on hand and line-of-credit borrowings.
Key figures
- Deal Value Usd
- 200000000
- Notes maturity
- February 1, 2031
- Offering structure
- Rule 144A private placement to qualified institutional buyers
- Notes being redeemed
- 2028 notes (all outstanding)
- Additional notes option
- 30000000
- Concurrent share repurchase
- $50 million
- Coupon on notes being redeemed
- 9.250%
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