Pebblebrook Hotel Trust To Raise $350M Via Proposed Offering of Senior Notes For Debt Repayment
Pebblebrook Hotel Trust To Raise $350M Via Proposed Offering of Senior Notes For Debt Repayment
RepaymenrtPebblebrook Hotel Trust (NYSE:PEB) (the "Company") today announced that its operating partnership, Pebblebrook Hotel, L.P. (the "Operating Partnership"), and a wholly owned subsidiary of the Operating Partnership, PEB Finance Corp.(together with the Operating Partnership, the "Issuers"), intend to offer, in a private placement, subject to market conditions and other factors, $350 million aggregate principal amount of senior notes due 2029 (the "Notes"). The Notes will be senior unsecured obligations of the Issuers and will initially be fully and unconditionally guaranteed by the Company and the Operating Partnership's subsidiaries that guarantee the existing credit facilities of the Operating Partnership. The Operating Partnership intends to use the net proceeds from the offering as follows: (i) with at least $253.0 million, to pay down in whole or in part one or more of the Operating Partnership's unsecured term loans and (ii) with the balance, which may be up to $87.4 million, to pay down part of one or more of the Operating Partnership's other unsecured term loans and/or repurchase a portion of the convertible senior notes of the Company.
Pebblebrook Hotel Trust（纽交所: PEB）（"公司"）今天宣布，其经营合作伙伴Pebblebrook Hotel，L.P.（"经营合作伙伴"）和经营合作伙伴的全资子公司PEb Finance corp.（与经营合作伙伴一起，"发行人"），打算根据市场情况和其他因素，在一次定向增发中发行到期日为2029年的35000万美元的优先票据（"票据"）。这些票据将是发行人的最优先无担保债务，最初将由公司和经营合作伙伴的子公司全面无条件担保，这些子公司担保了经营合作伙伴现有的授信设施。经营合作伙伴打算将此次发行的净收入用于以下用途：(i)至少25300万美元，偿还经营合作伙伴的一个或多个未担保的有期限贷款的全部或部分欠款；(ii) 余额，可能高达8740万美元，支付经营合作伙伴的一个或多个其他未担保有期限贷款的部分欠款和/或回购公司的一部分可转换高级票据。