Pebblebrook Hotel to issue $25-par perpetual preferred shares

By Rebecca Melvin

Concord, N.H., July 21 – Pebblebrook Hotel Trust plans to issue new $25-par preferred shares of beneficial interest, series H, according to a 424B5 filed with the Securities and Exchange Commission.

Distribution on the cumulative redeemable shares will be payable on the 15th day of January, April, July and October, beginning Oct. 15.

The perpetual securities are non-callable for five years and then optionally callable at par plus accrued interest.

The preferreds are expected to be listed on the New York Stock Exchange under the symbol “PEBPrH.”

Wells Fargo Securities LLC, Raymond James & Associates and BofA Securities Inc. are the joint bookrunning managers of the deal.

The company’s operating partnership will use the proceeds to fund the redemption of up to all of its outstanding 6.5% series C preferred shares.

Pebblebrook is a Bethesda, Md.-based real estate investment trust.

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