By Stephanie N. Rotondo
Phoenix, March 11 - Pebblebrook Hotel Trust sold $90 million 6.5% series C cumulative redeemable preferred shares, according to a press release published late on Monday.
Raymond James & Associates Inc. and Citigroup Global Markets Inc. are the joint bookrunners.
Dividends will be payable on the 15th day of January, April, July and October, beginning April 15. The preferreds become redeemable on or after March 15, 2018 at par plus accrued dividends or in the event of a change of control.
Proceeds from the offering will be contributed to the operating partnership, which will then use the funds for general corporate purposes, including acquiring and investing in hotel properties and reducing debt.
Pebblebrook is a Bethesda, Md.-based real estate investment trust focused on hotel management.
| Issuer: | Pebblebrook Hotel Trust
|
| Securities: | Series C cumulative redeemable preferred stock
|
| Amount: | $90 million, or 3.6 million shares
|
| Greenshoe: | $10 million, or 400,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Raymond James & Associates Inc., Citigroup Global Markets Inc.
|
| Co-managers: | Baird, Stifel Nicolaus & Co.
|
| Dividend: | 6.5%
|
| Price: | Par of $25.00
|
| Yield: | 6.5%
|
| Talk: | Around 6.5%
|
| Call options: | On or after March 15, 2018 at par plus accrued dividends, or in the event of a change of control
|
| Pricing date: | March 11
|
| Settlement date: | March 18
|
| Expected symbol: | NYSE: PEBPC
|
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