Piedmont Realty Trust Announces Proposed Exchangeable Senior Notes Offering
Piedmont Realty Trust's operating partnership intends to offer $200 million of exchangeable senior notes due 2031 in a private Rule 144A offering, with an option for initial purchasers to buy up to an additional $30 million. Proceeds, combined with settlements under Piedmont's at-the-market forward sale transactions, cash on hand and line-of-credit borrowings, will redeem all outstanding 9.250% senior notes due 2028, along with the applicable make-whole premium and accrued interest.
Key figures
- Settlement
- cash or combination of cash and Piedmont common stock, at the Operating Partnership's election
- Notes maturity
- February 1, 2031
- Portfolio size
- approximately 16 MM SF of Class A office
- Notes principal usd
- 200000000
- Greenshoe option usd
- 30000000
- Redeemed notes coupon
- 9.250%
- Redeemed notes maturity
- 2028
- Redeemable call threshold
- 130% of exchange price on or after August 6, 2029
- Concurrent share repurchase
- $50 million
AI analysis
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