Piedmont Realty Trust, Inc. (PDM): debt financing — Piedmont OP enters $215M floating-rate term loan to refinance June 2023 notes

Piedmont Realty Trust, Inc.

$215M unsecured term loan with one-year term and option to extend to Jan 31, 2025.
Proceeds to repay majority of $350M senior notes due June 1, 2023; balance from cash, dispositions, or revolver.
Interest at Daily Simple SOFR + 1.05% at closing; spread ranges 0.85%-1.70% based on credit rating.
Covenants: unencumbered interest coverage ≥1.75, leverage ≤0.60, secured debt ≤0.40.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Piedmont Realty Trust, Inc. incurred term loan of $215 million at Daily Simple SOFR plus 1.05% maturing January 31, 2025.

Instrument: term loan
Principal: $215 million
Rate: Daily Simple SOFR plus 1.05%
Maturity: January 31, 2025
Event: incurrence

Exact text from the filing

On January 31, 2023, Piedmont Operating Partnership, LP (“Piedmont OP”), a consolidated subsidiary of Piedmont Office Realty Trust, Inc. (the “Registrant”), entered into a $215 million, floating-rate, unsecured term loan facility (the “$215 Million Unsecured 2023 Term Loan”).

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Source: SEC EDGAR

accession 0001193125-23-024178

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