Piedmont Office Realty Trust issues $400M of 6.875% Senior Notes due 2029

Piedmont Realty Trust, Inc.

Issued $400M aggregate principal of 6.875% Senior Notes due July 15, 2029; interest semi-annual starting Jan 15, 2025.
Notes fully and unconditionally guaranteed by Piedmont Office Realty Trust, Inc.
Net proceeds to repay 2023 term loan and 2022 line of credit; remainder for working capital and general corporate purposes.
May redeem any time before June 15, 2029 at make-whole price; after that at par.
Covenants limit secured/unsecured debt and require unencumbered assets ≥150% of unsecured debt.

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