Piedmont OP enters $200M unsecured term loan to fund 1180 Peachtree acquisition

Piedmont Realty Trust, Inc.

$200M delayed-draw floating-rate unsecured term loan facility entered July 22, 2022.
Proceeds used to fund majority of cash purchase price for 1180 Peachtree Street, Midtown Atlanta.
Initial term of six months, with two optional three-month extensions to July 24, 2023.
Interest rate: Adjusted Term SOFR + 0.80%-1.65% spread based on credit rating; initially 1.00%.
Financial covenants include unencumbered interest coverage ≥1.75x, leverage ≤0.60x, secured debt ≤0.40x.

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