Piedmont Office Realty Trust unit offers guaranteed senior notes

By Marisa Wong

Los Angeles, July 18 – Piedmont Operating Partnership, LP is offering senior notes guaranteed by Piedmont Office Realty Trust Inc., according to a 424B5 filing with the Securities and Exchange Commission. The issuer is the primary operating subsidiary of Piedmont Office Realty Trust.

The notes will feature an optional make-whole call followed by an optional par call.

BofA Securities, Inc., J.P. Morgan Securities LLC, Truist Securities, Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC are the joint bookrunners.

U.S. Bank Trust Co., NA is the trustee.

King & Spalding LLP will act as counsel for the issuer, and Venable LLP will advise the company on matters of Maryland law. Hogan Lovells US LLP will act as counsel to the underwriters.

Proceeds will be used to fund the redemption of the company’s 4.45% senior notes due 2024 tendered and accepted for purchase under a concurrent tender offer.

Piedmont is an Atlanta-based real estate investment trust focused on high-quality class A office properties located primarily in major U.S. Sunbelt markets.

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