By Andrea Heisinger
New York, March 8 - Pebblebrook Hotel Trust priced $125 million, or 5 million shares, of 7.875% perpetual series A cumulative preferred stock on Tuesday at par of $25.00, according to an FWP filing with the Securities and Exchange Commission.
The preferreds were sold at the tight end of talk given late Monday at 7.875% to 8%.
The preferreds, which are not rated, are callable on or after March 11, 2016. They feature a change-of-control put at $25.00 plus accrued and unpaid interest. There is no over-allotment option for the sale.
Wells Fargo Securities LLC was the active bookrunner, and Bank of America Merrill Lynch and Raymond James & Associates were the passive bookrunners.
Senior co-managers were Citigroup Global Markets Inc. and RBC Capital Markets Corp. Co-managers were Robert W. Baird & Co. Inc., Janney Montgomery Scott and Morgan Keegan & Co. Inc.
Proceeds are being contributed to the operating partnership to invest in hotel properties and used for general business purposes.
The hotel investment company is based in Bethesda, Md.
| Issuer: | Pebblebrook Hotel Trust
|
| Issue: | Series A preferred stock
|
| Amount: | $125 million (5 million shares)
|
| Maturity: | Perpetual
|
| Bookrunners: | Wells Fargo Securities LLC (active), Bank of America Merrill Lynch, Raymond James & Associates (passive)
|
| Senior co-managers: | Citigroup Global Markets Inc., RBC Capital Markets Corp.
|
| Co-managers: | Robert W. Baird & Co. Inc., Janney Montgomery Scott, Morgan Keegan & Co. Inc.
|
| Dividend: | 7.875%
|
| Price: | Par of $25.00
|
| Yield: | 7.875%
|
| Call: | On or after March 11, 2016 at $25.00 plus accrued and unpaid dividends
|
| Change-of-control put: | At $25.00
|
| Trade date: | March 8
|
| Settlement date: | March 11
|
| Price talk: | 7.875% to 8%
|
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