By Stephanie N. Rotondo
Seattle, June 2 – Pebblebrook Hotel Trust priced $125 million of 6.375% series D cumulative redeemable preferred stock on Thursday, a market source reported.
Price talk on the non-rated deal was 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.
Distributions will be made on the 15th day of January, April, July and October, beginning July 15. The preferreds become redeemable in June 15, 2021 or upon a change of control at par plus accrued dividends.
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.
| Issuer: | Pebblebrook Hotel Trust
|
| Securities: | Series D cumulative redeemable preferred stock
|
| Amount: | $125 million, or 5 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, Raymond James & Associates Inc., Wells Fargo Securities LLC
|
| Co-managers: | Baird Capital, Citigroup Global Markets Inc., Jefferies LLC, Stifel Nicolaus & Co. Inc.
|
| Dividend: | 6.375%
|
| Price: | Par of $25.00
|
| Yield: | 6.375%
|
| Talk: | 6.5% area
|
| Call options: | On or after June 15, 2021 or upon a change of control at par plus accrued dividends
|
| Pricing date: | June 2
|
| Settlement date: | June 9
|
| Expected listing: | NYSE: PEBPD
|
| Cusip: | 70509V506
|
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