Piedmont Realty falls on $200 mln convertible offering

By Reuters News

** 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

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