2023-07-19 08:59:57 ET
- Piedmont Office Realty Trust ( NYSE: PDM ) has priced an offering of $400 million aggregate principal amount of 9.250% senior unsecured notes due 2028 at 99.000% of the principal amount.
- The stock is marginally down 0.7% at $7.59 in premarket trade on Wednesday.
- The offering is expected to close on July 20, 2023, subject to the satisfaction of customary closing conditions.
- Piedmont intends to use the net proceeds from the offering, together with cash on hand, if necessary, to fund the purchase of all of its outstanding 4.45% senior notes due 2024 that are validly tendered and accepted for purchase in the tender offer commenced substantially concurrently with the offering.
- In the event that the tender offer is not consummated or the aggregate consideration for all 2024 notes is less than the net proceeds from the offering, Piedmont intends to use the remaining net proceeds from the offering to repay borrowings due under its 2022 line of credit, with any remaining funds being used for working capital, capital expenditures, and other general corporate purposes.
For further details see:
Piedmont Office Realty Trust prices $400 million of debt offering