Piedmont Realty Trust Announces Pricing of $200,000,000 Exchangeable Senior Notes Offering
Piedmont Realty Trust's operating partnership priced $200 million of 2.875% exchangeable senior notes due 2031 in a Rule 144A private offering, with an option for initial purchasers to buy up to $30 million more. Piedmont fully and unconditionally guarantees the notes, which settle September 17, 2026. The notes carry an initial exchange price of $12.65 per share, a premium of approximately 37.5% over the $9.20 closing price on September 14, 2026, and exchanges can be settled in cash, stock, or a combination at the partnership's election.
Key figures
- Coupon
- 2.875%
- Maturity
- February 1, 2031
- Redeemed notes
- 9.250% senior notes due 2028 (redeemed in full, plus make-whole premium)
- Notes principal
- $200,000,000
- Exchange premium
- approximately 37.5%
- Greenshoe option
- $30,000,000
- Initial exchange rate
- 79.0514 shares per $1,000 principal
- Estimated net proceeds
- $194.3 million
- Last reported sale price
- $9.20
- Net proceeds full option
- $223.5 million
- Concurrent repurchase amount
- $50 million
- Concurrent repurchase shares
- 5434782
- Initial exchange price per share
- $12.65
AI analysis
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