Piedmont Realty falls on $200 mln convertible offering
BUZZ-Piedmont Realty falls on $200 mln convertible offering ** Shares of office REIT Piedmont Realty Trust PDM.N down 2.5% at $8.97 before the bell on Tues after securing capital raise
** Atlanta, Georgia-based PDM late Mon announced pricing private offering of $200 mln 2.875% exchangeable notes due Feb 1, 2031
** Exchange price of $12.65 set 37.5% above stock's last sale of $9.20 on Mon
** PDM shares finished down 3.9% on Mon after co unveiled the offering to redeem all of its outstanding 9.25% senior notes due 2028
** Co also expects to use approx $50 mln to repurchase ~5.4 mln shares from initial purchasers of the exchangeable notes
** Through Mon, stock up 10% YTD
** Of 4 analysts covering the stock, 1 rates "buy", 3 rate "hold"; median PT $11, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
Recent news on Piedmont Realty Trust
See all newsPiedmont Realty Trust, Inc. expected to post a loss of 5 cents a share - Earnings Preview
U.S. STOCKS ON THE MOVE-Forgent Power, Vera Bradley, Wells Fargo
U.S. STOCKS ON THE MOVE-Forgent Power, Vera Bradley, Wells Fargo
U.S. STOCKS ON THE MOVE-Eli Lilly, Waystar, Wells Fargo
Piedmont Realty falls on $200 mln convertible offering