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（紐交所: PEB）（"公司"）今天宣佈，其經營合作伙伴Pebblebrook Hotel，L.P.（"經營合作伙伴"）和經營合作伙伴的全資子公司PEb Finance corp.（與經營合作伙伴一起，"發行人"），打算根據市場情況和其他因素，在一次定向增發中發行到期日爲2029年的35000萬美元的優先票據（"票據"）。這些票據將是發行人的最優先無擔保債務，最初將由公司和經營合作伙伴的子公司全面無條件擔保，這些子公司擔保了經營合作伙伴現有的授信設施。經營合作伙伴打算將此次發行的淨收入用於以下用途：(i)至少25300萬美元，償還經營合作伙伴的一個或多個未擔保的有期限貸款的全部或部分欠款；(ii) 餘額，可能高達8740萬美元，支付經營合作伙伴的一個或多個其他未擔保有期限貸款的部分欠款和/或回購公司的一部分可轉換高級票據。
