Piedmont Prices $200M Exchangeable Notes at 37.5% Premium, Adds $50M Buyback
PDM sits 45% above its 52-week low of $6.315 on elevated volume (3.3× avg).
Summary
Piedmont issued $230M of 2.875% exchangeable senior notes due 2031, including the $30M option, and repurchased 5,434,782 shares for about $50M. The notes were priced at a 37.5% premium to the Sept. 14 close, with an exchange price of $12.65 per share, well above the current $9.14 price, reflecting demand for the notes. The pricing terms are new versus the prior announcement of the proposed offering. Net proceeds of about $194.3M will redeem the 9.25% notes due 2028 and fund the share repurchase. Settlement is expected Sept. 17.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — Piedmont issued $230M of 2.875% exchangeable senior notes due 2031, including the $30M option, and repurchased 5,434,782 shares for about $50M.
At the time of this announcement, PDM was trading at $9.14 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $6.32 to $10.13. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.