Piedmont Office Realty unit launches tender offer for 4.45% notes

By Mary-Katherine Stinson

Lexington, Ky., July 18 – Piedmont Office Realty Trust Inc.’s primary operating subsidiary, Piedmont Operating Partnership, LP, launched a cash tender offer to purchase any and all of its $400 million outstanding 4.45% senior notes due 2024 (Cusip: 720198AD2), according to an 8-K filing with the Securities and Exchange Commission.

The operating partnership is offering to buy back the notes at a par of $1,000 plus accrued interest.

The offer will expire at 5 p.m. ET on July 24, with the deadline for notes tendered due to guaranteed delivery procedures being 5 p.m. ET on July 26.

The withdrawal deadline is the earlier of the expiration date or 10 business days after any extension of the offer and 60 days after the launch date should the offer not be consummated.

Settlement is expected for July 27.

BofA Securities, Inc. (888 292-0070, 980 387-3907, debt_advisory@bofa.com) and J.P. Morgan Securities LLC (866 834-4666, 212 834-4045) are the dealer managers for the tender offer.

D.F. King & Co., Inc. (800 848-3410, 888 628-1041, piedmont@dfking.com, www.dfking.com/piedmont) is the tender and information agent for the tender offer.

The repurchase of the tenders will be funded by the proceeds from a new senior note offering.

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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