Atlanta, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. (NYSE:PDM) announced today that its operating partnership, Piedmont Operating Partnership, LP has priced an offering of $300 million aggregate principal amount of 3.150% senior unsecured notes due 2030 at 99.236% of the principal amount. The offering is expected to close on August 12, 2020, subject to customary closing conditions.
Piedmont intends to allocate an amount equal to the net proceeds from the sale of the notes to the previous acquisition of the Galleria Office Towers in February 2020 for $396.2 million, which has received LEED Certified certification. The Company intends to use the net proceeds from the sale of the notes to repay borrowings outstanding under the Company’s $300 million unsecured 2020 term loan, with any remaining amounts being used to repay borrowings outstanding on the Company’s revolving credit facility or under one of the Company’s other term loans or for other business purposes.
The notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Company.
J.P. Morgan, Truist Securities, US Bancorp, Wells Fargo Securities, BofA Securities, BMO Capital Markets, Jefferies and Morgan Stanley are acting as joint book-running managers. Barclays, Ramirez & Co., Inc., Scotiabank and TD Securities are acting as co-managers.
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in select sub-markets within seven major Eastern U.S. office markets, with the majority of its revenue being generated from the Sunbelt. Its geographically-diversified, approximately $5 billion portfolio is currently comprised of approximately 17 million square feet. The Company is a fully-integrated, self-managed real estate investment trust (REIT) with local management offices in each of its markets. At the end of the second quarter, approximately 63% of the company’s portfolio was ENERGY STAR certified and approximately 41% was LEED certified.
