Pebblebrook Hotel’s $125 million 6.375% preferreds admitted to NYSE

By Stephanie N. Rotondo

Seattle, June 13 – Pebblebrook Hotel Trust’s $125 million of 6.375% series D cumulative redeemable preferred stock listed on the New York Stock Exchange on Monday, according to a market source.

The ticker symbol is “PEBPD.”

The issue priced on June 2.

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

Distributions will be paid quarterly 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 use 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.