Piedmont Realty Trust unit issues USD 230 million 2.875% exchangeable senior notes due 2031
PDM•Exchangeable notes offering
Piedmont Realty Trust’s operating partnership issued USD 230 million of 2.875% Exchangeable Senior Notes due 2031.
The notes mature on Feb. 1, 2031, and interest will be paid on Feb. 1 and Aug. 1, starting Feb. 1, 2027.
Use of proceeds and exchange terms
Proceeds are earmarked to redeem outstanding 9.250% senior notes due 2028, including the make-whole premium and accrued interest.
The exchange rate is set at 79 shares per USD 1,000 principal, implying an initial exchange price of about USD 12.65 per share.
About USD 50 million will be used to repurchase 5,434,782 shares in privately negotiated deals tied to the offering.
