By Andrea Heisinger
New York, May 6 - Piedmont Operating Partnership LP sold an upsized $350 million of guaranteed 3.4% 10-year senior notes (Baa2/BBB/) in Monday's market at 99.601, according to a press release.
The size of the trade was increased from $250 million, a source said.
The sale was done under Rule 144A and Regulation S.
Bookrunners were J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc.
Full terms were not available at press time.
The notes are guaranteed by Piedmont Office Realty Trust Inc.
Proceeds will be used to repay short-term debt recently incurred to fund two property acquisitions and for general corporate purposes.
The real estate investment trust for properties in the 10 largest U.S. markets is based in Atlanta.
| Issuer: | Piedmont Operating Partnership LP
|
| Guarantor: | Piedmont Office Realty Trust Inc.
|
| Issue: | Senior notes
|
| Amount: | $350 million, upsized from $250 million
|
| Maturity: | June 1, 2023
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc.
|
| Coupon: | 3.4%
|
| Price: | 99.601
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | May 6
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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