Financing ·
Piedmont Realty Trust prices $200 million of exchangeable senior notes due 2031 with option for additional $30 million
PDMPiedmont Realty Trust, Inc.
Piedmont Realty Trust announced the pricing of a $200 million offering of 2.875% exchangeable senior notes due 2031, with an option for an additional $30 million. The company will guarantee these unsecured obligations, which settle on September 17, 2026. Net proceeds are estimated at approximately $194.3 million, or $223.5 million if the over-allotment is exercised. Proceeds will primarily redeem outstanding 9.250% senior notes due 2028 and pay associated premiums. Additionally, the company plans to use roughly $50 million to repurchase approximately 5.43 million shares of common stock at $9.20 per share in a concurrent transaction. Piedmont Realty Trust operates as a real estate investment trust focused on owning, managing, and developing Class A office properties in U.S. Sunbelt markets.