Piedmont Realty Trust, Inc. (PDM): debt financing — Piedmont OP enters $200M unsecured term loan to refinance $290M of existing debt

Piedmont Realty Trust, Inc.

New $200M floating-rate term loan matures Jan 29, 2027; proceeds used to repay $100M Dec 2024 loan and $190M of $215M loan due Jan 31, 2024.
Remaining $25M of the $215M loan extended to Jan 31, 2025.
Interest rate set at Adjusted Daily Simple SOFR + 1.30% (Level 4 credit rating).
Covenants include unencumbered interest coverage >=1.75x, leverage <=0.60x, secured debt <=0.40x.
Syndicated with Truist as admin agent; JPMorgan and TD Bank as co-syndication agents.

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 $200 million at Adjusted Daily Simple SOFR Rate plus 1.30% maturing January 29, 2027.

Instrument: term loan
Principal: $200 million
Rate: Adjusted Daily Simple SOFR Rate plus 1.30%
Maturity: January 29, 2027
Event: incurrence

Exact text from the filing

On January 30, 2024, Piedmont Operating Partnership, LP (“Piedmont OP”), a consolidated subsidiary of Piedmont Office Realty Trust, Inc. (the “Registrant”), entered into a $200 million floating rate, unsecured, syndicated bank term loan facility (the “$200 Million Unsecured 2024 Term Loan”).

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Piedmont Realty Trust, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-019511

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