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Cases & Deals

December 11, 2023

Piedmont Office Realty Trust Completes $200 Million Senior Notes Offering

On December 11, 2023, Piedmont Operating Partnership, LP, the operating partnership (“Operating Partnership”) and subsidiary of Piedmont Office Realty Trust, Inc. (“Piedmont”), completed the offer and sale of $200 million aggregate principal amount of its 9.250% senior notes due 2028 (the “additional 2028 notes”) in an underwritten registered public offering, generating approximately $202.1 million in net proceeds. Piedmont intends to use the net proceeds from this offering for general corporate purposes. The additional 2028 notes were issued as additional notes under the existing indenture pursuant to which the Operating Partnership previously issued $400 million aggregate principal amount of its 9.250% senior notes due 2028, all of which remain outstanding. The additional 2028 notes are fully and unconditionally guaranteed on a senior unsecured basis by Piedmont. Piedmont is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in select sub-markets within seven major Eastern U.S. office markets, with the majority of its revenue being generated from the Sunbelt. The King & Spalding team advising Piedmont on the offering consisted of Keith Townsend, Zach Cochran, John Morris, and Savannah Padgett. Wayne Pressgrove and Andrew Todd advised on tax matters. Alanna Quinn assisted with corporate matters.