Pebblebrook Hotel offers $100 million cumulative redeemable preferreds; price talk in 6.5% area

By Stephanie N. Rotondo

Seattle, June 2 – Pebblebrook Hotel Trust is offering $100 million of series D cumulative redeemable preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Thursday.

Price talk on the non-rated deal is in the 6.5% area, a market source said.

BofA Merrill Lynch, Raymond James & Associates Inc. and Wells Fargo Securities LLC are the joint bookrunning managers. Co-managers include Baird Capital, Citigroup Global Markets Inc., Jefferies LLC and Stifel Nicolaus & Co. Inc.

Distributions will be made on the 15th day of January, April, July and October, beginning July 15. The preferreds become redeemable in June 2021 or upon a change of control at par plus accrued dividends.

The new securities will be listed on the New York Stock Exchange under the ticker symbol “PEBPD.”

The Bethesda, Md.-based real estate investment trust will contribute the proceeds from the offering to the operating partnership. The partnership will then use the funds to reduce amounts outstanding under a senior unsecured revolving credit facility and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.