Piedmont Realty Trust secures $400M in senior notes at 5.625% yield
Piedmont Realty Trust, Inc. (NYSE:PDM) has priced an offering of $400 million senior notes due 2033, with a yield of 5.625%. The notes will be guaranteed by the company and are set to close on November 20, 2025.
The notes are being issued by Piedmont Operating Partnership, LP, with Barclays, Citigroup, Deutsche Bank Securities, and Merrill Lynch acting as lead banks. Wells Fargo Securities, BofA Securities, J.P. Morgan, TD Securities, Truist Securities, Morgan Stanley, and U.S. Bancorp are serving as joint book-running managers.
If the tender offer for the 2028 notes is not completed, or the aggregate consideration is less than expected, Piedmont plans to use the remaining net proceeds for working capital, capital expenditures, and other general corporate purposes. The offering is being conducted pursuant to a shelf registration statement filed with the Securities and Exchange Commission.
Piedmont Realty Trust's $400 million senior notes offering is expected to close later this month. The company intends to use the proceeds to fund the purchase of its outstanding 9.250% senior notes due 2028. The notes are being issued at 99.364% of the principal amount, with a yield of 5.625%.
