By Cristal Cody
Tupelo, Miss., Aug. 5 – Piedmont Operating Partnership LP (Baa2/BBB) sold $300 million of 3.15% 10-year green senior notes on Wednesday at a 270 basis points over Treasuries spread, according to a market source.
Initial price guidance was at the Treasuries plus 275 bps area.
J.P. Morgan Securities LLC, Truist Securities, Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities, LLC were the bookrunners.
The bonds will be guaranteed by Piedmont Office Realty Trust, Inc.
Piedmont held fixed income investor calls for the offering on Tuesday.
Proceeds will be used for the previous acquisition of the Galleria Office Towers in February, which the company believes is an eligible green project as it has received LEED Certified certification. Specifically, proceeds will be used to repay the $300 million term loans, which were used for the acquisition, borrowings on the company’s revolver, other term loan debt or for other business purposes.
The company is a real estate investment trust with headquarters in Atlanta.
| Issuer: | Piedmont Operating Partnership LP
|
| Guarantor: | Piedmont Office Realty Trust, Inc.
|
| Amount: | $300 million
|
| Description: | Green senior notes
|
| Maturity: | Aug. 15, 2030
|
| Bookrunners: | J.P. Morgan Securities LLC, Truist Securities, Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities, LLC
|
| Coupon: | 3.15%
|
| Spread: | Treasuries plus 270 bps
|
| Trade date: | Aug. 5
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 275 bps area
|
| Marketing: | Fixed income investor calls
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
