BUZZ-Piedmont Realty slides after announcing $200 mln convertible

** Office REIT Piedmont Realty Trust's PDM.N shares down 4.5% at $9.14 premarket on Mon as it looks to raise capital

** Atlanta, Georgia-based PDM offering privately $200 mln exchangeable notes to mature Feb. 1, 2031

** Co intends to use net proceeds to redeem all of its outstanding 9.25% senior notes due 2028

** It also plans to use up to $50 mln to repurchase its shares from initial purchasers of the exchangeable notes to facilitate hedging

** PDM has ~$1.2 bln market cap

** At Fri close, stock up 15% YTD

** Avg rating of 4 analysts covering the stock is "hold"; median PT $11, per LSEG