Pebblebrook Hotel Trust Extends 2024 Term Debt to 2028 and Reduces Total Debt
Pricing on all the Company’s term loans remained unchanged and is based on a pricing grid of 140 to 245 basis points over the applicable adjusted term SOFR.
“We appreciate and value our bank group’s continued strong support for our company with this debt refinancing,” said Raymond D. Martz, Co-President and Chief Financial Officer for Pebblebrook Hotel Trust. “We will continue to utilize proceeds from additional property sales and operating cash flow to reduce our debt, enhance our liquidity, strengthen our balance sheet, and create value through the repurchase of common and preferred shares at very significant discounts to the underlying private market value of the Company’s properties.”
Pebblebrook paid down its October 2024 maturity term loan to
BofA Securities Inc. led the Company’s term loan extension, serving as Joint Lead Arranger and Sole Bookrunner.
About Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels in
This press release contains certain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “estimated” and “will” or other similar words or expressions. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections and forecasts and other forward-looking information and estimates. The potential for additional asset sales and the intended use of proceeds from potential sales and operating cash flow are forward-looking statements. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the
For further information about the Company’s business and financial results, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which may be obtained at the Investor Relations section of the Company’s website at www.pebblebrookhotels.com.
All information in this press release is as of January 4, 2024. The Company undertakes no duty to update the statements in this press release to conform the statements to actual results or changes in the Company’s expectations.
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Raymond D. Martz, Co-President and Chief Financial Officer, Pebblebrook Hotel Trust - (240) 507-1330
Source: Pebblebrook Hotel Trust