BUZZ-Piedmont Realty falls on $200 mln convertible offering - PDM News | RalliesBUZZ-Piedmont Realty falls on $200 mln convertible offering
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PDM• Use of proceeds and analyst view
- The company also expects to use approximately $50 million to repurchase about 5.4 million shares from initial purchasers of the exchangeable notes.
- Through Monday, the stock was up 10% year to date.
- Of four analysts covering the stock, one rates it "buy" and three rate it "hold"; the median price target is $11, according to LSEG.
Shares fall after convertible offering pricing
- Shares of office REIT Piedmont Realty Trust PDM.N were down 2.5% at $8.97 before the bell on Tuesday after securing a capital raise.
- Atlanta, Georgia-based PDM late Monday announced pricing of a private offering of $200 million of 2.875% exchangeable notes due Feb. 1, 2031.
- The exchange price of $12.65 was set 37.5% above the stock's last sale of $9.20 on Monday.
- PDM shares finished down 3.9% on Monday after the company unveiled the offering to redeem all of its outstanding 9.25% senior notes due 2028.
