Piedmont Realty Trust prices USD 200 million exchangeable senior notes offering due 2031
Reuters2026/09/15 02:52- Piedmont Realty Trust priced a private offering of USD 200 million 2.875% exchangeable senior notes due 2031, with a USD 30 million upsize option.
- Net proceeds estimated at about USD 194.3 million, rising to about USD 223.5 million if the upsize option is fully exercised.
- Proceeds earmarked to redeem outstanding 9.250% senior notes due 2028, using additional funding sources including ATM forwards, cash, revolver borrowings.
- About USD 50 million allocated to repurchase 5,434,782 common shares at USD 9.2 in a concurrent privately negotiated transaction.
- Notes settle Sept. 17; initial exchange price set at USD 12.65 a share, a 37.5% premium to the Sept. 14 close.
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