Pebblebrook Hotel Trust announced the pricing of a private placement of $400 million aggregate principal amount of 6.375% senior notes due 2029 on September 23, 2024. This amount represents an increase from the previously announced $350 million offering.
The notes are senior unsecured obligations and are expected to close on October 3, 2024, subject to customary closing conditions. The net proceeds from this offering are intended to be used to pay down at least $253.0 million of the operating partnership’s unsecured term loans.
The balance, which may be up to $137.4 million, will be allocated to pay down other unsecured term loans and/or repurchase a portion of the Company’s convertible senior notes, further strengthening its balance sheet.
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