Piedmont Realty Trust Prices $200M Exchangeable Senior Notes Due 2031

Corporate Action
โดย Seeking Alpha·US·Read original
Summary · why it matters

Piedmont Realty Trust said its operating partnership priced a private offering of $200M of 2.875% exchangeable senior notes due 2031. The offering is expected to settle Sept. 17, subject to customary closing conditions, and the initial purchasers have an option to buy up to an additional $30M of notes. The notes pay 2.875% annual interest semiannually and mature Feb. 1, 2031, unless earlier exchanged, redeemed, or repurchased, with an initial exchange price of $12.65 per Piedmont share, a premium of about 37.5% to the company's Sept. 14 closing price of $9.20. Piedmont expects net proceeds of about $194.3M, or approximately $223.5M if the additional notes are fully purchased, and plans to use the proceeds along with cash, borrowings, and proceeds from forward sale transactions to redeem all outstanding 9.25% senior notes due 2028, including the applicable make-whole premium and accrued interest. About $50M of the proceeds will also be used to repurchase 5.43M shares of Piedmont common stock from certain purchasers of the notes in privately negotiated transactions.

Impact on stocks 1

Real Estate▲ · 1 stocks
© 2026 MarketDXNews