Piedmont Realty Trust issues $230M 2.875% exchangeable senior notes due 2031

Piedmont Realty Trust, Inc.

Issued $230M principal of 2.875% exchangeable senior notes due Feb 1, 2031; initial exchange rate 79.0514 shares/$1,000 (price ~$12.65).
Net proceeds, alongside other sources, will redeem all outstanding 9.250% senior notes due 2028 and pay make-whole premium and accrued interest.
Concurrently repurchased 5,434,782 shares of common stock for ~$50M from note purchasers in private transactions.
Notes are fully guaranteed by Piedmont Realty Trust; exchangeable for cash and/or stock at issuer's election.
Includes $30M of option notes exercised; registration rights agreement filed for resale of exchange shares.

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