By Christine Van Dusen
Atlanta, Sept. 29 – Pebblebrook Hotel Trust issued an additional 1 million shares of its 6.5% series C cumulative redeemable preferred shares at a liquidation preference of $25.00 per share, according to a 424B5 filing with the Securities and Exchange Commission.
Wells Fargo Securities LLC is the underwriter for the SEC-registered deal.
In April the company 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.
As previously reported, Pebblebrook originally priced $90 million of the preferreds on March 11, 2014 with Raymond James & Associates Inc. and Citigroup Global Markets Inc. as the joint bookrunners. The company later exercised the $10 million greenshoe, lifting the deal to $100 million in April.
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
|
| Amount: | $25 million, or 1 million shares
|
| Maturity: | Perpetual
|
| Description: | Series C cumulative redeemable preferred shares at a liquidation preference of $25 per share
|
| Bookrunner: | Wells Fargo Securities
|
| Dividend: | 6.5%
|
| Liquidation preference: | Par of $25.00
|
| Yield: | 6.5%
|
| Call: | Beginning March 18, 2018 at par plus accrued dividends
|
| Trade date: | Sept. 26
|
| Settlement date: | Sept. 30
|
| Distribution: | Securities and Exchange Commission registered
|
| Symbol: | NYSE: PEBPC
|
| Original issue: | $100 million, including $10 million greenshoe, on March 11, 2014 at par
|
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