Loan & DebtMay 28, 2026, 05:32 PM
Piedmont Realty Trust Increases Term Loan to $400M, Extends Maturity
AI Summary
Piedmont Realty Trust, Inc. and its operating partnership, Piedmont Operating Partnership, LP, amended their Term Loan Agreement. The amendment increases the principal amount to $400 million from $325 million and extends the maturity date to May 28, 2031. The agreement also updates the applicable interest rate determination based on the company's debt rating, with the current rate at SOFR + 1.15%. The company retains the option to prepay loans without penalty.
Key Highlights
- Term Loan Agreement principal increased by $75 million to $400 million.
- Maturity date of the term loan extended to May 28, 2031.
- Applicable interest rate currently set at SOFR + 1.15%.
- Interest rate margins are now tied to the company's debt rating levels.
- Loans can be prepaid in whole or part at any time without premium or penalty.
- Piedmont Realty Trust, Inc. guarantees the operating partnership's obligations.
Price Impact
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