Pebblebrook plans sale of cumulative preferreds at $25 for Tuesday

By Andrea Heisinger

New York, March 7 - Pebblebrook Hotel Trust announced a sale of perpetual series A cumulative preferred stock priced at $25 in a 424B5 filing with the Securities and Exchange Commission on Monday.

The deal is expected to launch and price on Tuesday in order to let the Asian markets look at it, a source said. The dividend is being talked at 7.875% to 8%.

The preferreds are callable beginning March 2016. They feature a change-of-control put at $25 plus accrued dividends.

Wells Fargo Securities LLC is active bookrunner, and Bank of America Merrill Lynch and Raymond James & Associates are passive.

Senior co-managers are Citigroup Global Markets Inc. and RBC Capital Markets, LLC. Co-managers are Robert W. Baird & Co. Inc., Janney Montgomery Scott and Morgan Keegan & Co. Inc.

Proceeds are being contributed to the company's operating partnership to be invested in hotel properties and used for general business purposes.

The hotel investment company is based in Bethesda, Md.

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