secwatch.observer — SEC 8-K summary
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Issuer:     Piedmont Realty Trust, Inc. (PDM)
CIK:        0001042776
Form:       8-K
Filed at:   2024-01-30T23:59:59+00:00
Accession:  0001193125-24-019511
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Piedmont OP enters $200M unsecured term loan to refinance $290M of existing debt
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1042776/000119312524019511/0001193125-24-019511-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1042776/000119312524019511/d760797d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-019511

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