Pebblebrook greenshoe lifts 6.5% series C preferreds to $100 million

By Susanna Moon

Chicago, April 15 - Pebblebrook Hotel Trust said underwriters fully exercised the over-allotment option for another 400,000 shares of its 6.5% series C cumulative redeemable preferred shares, bringing the total deal size to $100 million.

Pebblebrook priced $90 million of the preferreds on March 11 with Raymond James & Associates Inc. and Citigroup Global Markets Inc. as the joint bookrunners, as previously reported.

The deal settled on March 18.

The issuer sold 4 million of the preferreds at $25.00 per share.

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.

On March 21, the preferreds were admitted to trading on the New York Stock Exchange under the symbol "PEB PR C."

Pebblebrook is a Bethesda, Md.-based real estate investment trust focused on hotel management.

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