Pebblebrook Enters Private Placement Market with Eye on $100M Offering
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Pebblebrook acquired LaPlaya Beach Club earlier this year.
BETHESDA, MD—Pebblebrook Hotel Trust has announced it will be securing $100 million in debt financing through the private placement market. It appears to be the first time the REIT has tapped this debt sector niche.
The REIT has an agreement with a private placement group to issue $100 million of senior unsecured notes to a group of institutional investors.
There will be $60 million of notes with an eight-year term maturing December 2023 priced at a fixed interest rate of 4.70%. Another tranche of $40 million of notes with a ten-year term maturing December 2025 are priced at a fixed interest rate of 4.93%.
Closing and funding of the new private placement of senior unsecured notes will happen on December 1, 2015, subject to the satisfaction of standard closing conditions…
Pebblebrook Enters Private Placement Market with Eye on $100M Offering
