Chicago, July 22 – Pebblebrook Hotel Trust sold $250 million, or 10 million shares, of 5.7% series H cumulative redeemable preferred shares with a liquidation preference per share of $25.00 on Wednesday, according to a press release and an FWP filed with the Securities and Exchange Commission.
There is no greenshoe.
The perpetual securities are non-callable for five years and then optionally callable at par plus accrued dividends.
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. Joint lead managers are Robert W. Baird & Co. Inc. and Stifel, Nicolaus & Co., Inc.
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 and up to all of either the series D preferred shares or the series E preferred shares.
Pebblebrook is a Bethesda, Md.-based real estate investment trust.
| Issuer: | Pebblebrook Hotel Trust
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| Issue: | Series H cumulative redeemable preferred shares
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| Amount: | $250 million
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| Maturity: | Perpetual
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| Bookrunners: | Wells Fargo Securities LLC, Raymond James & Associates and BofA Securities Inc.
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| Joint lead managers: | Robert W. Baird & Co. Inc. and Stifel, Nicolaus & Co., Inc.
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| Senior co-managers: | PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
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| Co-managers: | Capital One Securities, Inc., Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC
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| Dividend: | 5.7%
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| Price: | $25.00
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| Yield: | 5.7%
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| Call features: | Starting July 27, 2026 at par plus unpaid distributions
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| Trade date: | July 21
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| Settlement date: | July 27
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| Distribution: | SEC registered
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| Cusip: | 70509V886
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| Expected listing: | NYSE: PEBPrH
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