Pebblebrook Hotel Trust Extends $787 Million in Debt Maturities, Enhancing Financial Flexibility
Pebblebrook Hotel Trust (NYSE: PEB) has successfully extended $787 million in debt maturities, enhancing its financial flexibility. The company extended $185.2 million of its 2025 term loan to 2029 and $602 million of its $650 million revolving credit facility to 2029. Following these extensions and a recent $400 million senior notes offering, PEB has executed approximately $1.2 billion in debt financings and extensions. The company's debt profile shows a weighted average interest rate of 4.3% on $2.3 billion outstanding debt, with 91% at fixed rates and 91% unsecured. These refinancing efforts ensure no significant debt maturities until December 2026.
Pebblebrook Hotel Trust (NYSE: PEB) ha esteso con successo le scadenze di debito per un totale di 787 milioni di dollari, migliorando la propria flessibilità finanziaria. L'azienda ha prorogato 185,2 milioni di dollari del suo prestito a lungo termine 2025 al 2029 e 602 milioni di dollari della sua linea di credito rotativa di 650 milioni di dollari al 2029. Dopo queste proroghe e un recente collocamento di note senior da 400 milioni di dollari, PEB ha effettuato operazioni di finanziamento e proroga del debito per circa 1,2 miliardi di dollari. Il profilo del debito dell'azienda mostra un tasso d'interesse medio ponderato del 4,3% su 2,3 miliardi di dollari di debito in essere, con il 91% a tasso fisso e il 91% non garantito. Questi sforzi di rifinanziamento garantiscono che non ci siano scadenze significative di debito fino a dicembre 2026.
Pebblebrook Hotel Trust (NYSE: PEB) ha ampliado exitosamente los vencimientos de deuda por un total de 787 millones de dólares, mejorando su flexibilidad financiera. La compañía extendió 185.2 millones de dólares de su préstamo a largo plazo de 2025 hasta 2029 y 602 millones de dólares de su línea de crédito rotativa de 650 millones de dólares hasta 2029. Después de estas extensiones y una reciente oferta de notas senior de 400 millones de dólares, PEB ha ejecutado aproximadamente 1.2 mil millones de dólares en financiamientos y extensiones de deuda. El perfil de deuda de la compañía muestra una tasa de interés promedio ponderada del 4.3% sobre 2.3 mil millones de dólares de deuda pendiente, con el 91% a tasas fijas y el 91% no asegurado. Estos esfuerzos de refinanciamiento aseguran que no haya vencimientos significativos de deuda hasta diciembre de 2026.
Pebblebrook Hotel Trust (NYSE: PEB)는 7억 8천7백만 달러의 부채 만기를 성공적으로 연장하여 재무 유연성을 향상시켰습니다. 이 회사는 2025년 만기 약정금 1억 8천5백20만 달러를 2029년으로 연장했고, 6억 2천만 달러의 6억 5천만 달러 회전 신용 시설도 2029년까지 연장했습니다. 이러한 연장 후, 최근 4억 달러 규모의 선순위 채권 발행으로, PEB는 약 12억 달러의 부채 금융 및 연장 작업을 실행했습니다. 이 회사의 부채 프로필은 23억 달러의 미결제 부채에 대해 4.3%의 가중 평균 이자율을 보여주며, 91%가 고정 금리이고 91%가 담보가 없습니다. 이러한 재융자 노력은 2026년 12월까지 중요한 부채 만기가 없도록 보장합니다.
Pebblebrook Hotel Trust (NYSE: PEB) a réussi à prolonger les échéances de dette de 787 millions de dollars, améliorant ainsi sa flexibilité financière. La société a prolongé 185,2 millions de dollars de son prêt à terme de 2025 jusqu'en 2029 et 602 millions de dollars de sa ligne de crédit renouvelable de 650 millions de dollars jusqu'en 2029. Suite à ces prolongations et à une récente émission de billets senior de 400 millions de dollars, PEB a exécuté environ 1,2 milliard de dollars de financements de dette et de prolongements. Le profil de dette de l'entreprise présente un taux d'intérêt moyen pondéré de 4,3 % sur 2,3 milliards de dollars de dettes en cours, dont 91 % à taux fixe et 91 % non sécurisés. Ces efforts de refinancement garantissent qu'il n'y aura pas d'échéances importantes de dettes avant décembre 2026.
Pebblebrook Hotel Trust (NYSE: PEB) hat erfolgreich die Fälligkeiten von Schulden in Höhe von 787 Millionen Dollar verlängert und damit seine finanzielle Flexibilität erhöht. Das Unternehmen hat 185,2 Millionen Dollar seines Terminkredits 2025 bis 2029 verlängert und 602 Millionen Dollar seiner revolvierenden Kreditlinie von 650 Millionen Dollar bis 2029 verlängert. Nach diesen Verlängerungen und einem kürzlichen Angebot von Senior Notes über 400 Millionen Dollar hat PEB etwa 1,2 Milliarden Dollar an Schuldenfinanzierungen und -verlängerungen umgesetzt. Das Schuldenprofil des Unternehmens weist einen gewichteten durchschnittlichen Zinssatz von 4,3 % auf 2,3 Milliarden Dollar ausstehendem Schulden auf, wobei 91 % zu festen Zinsen und 91 % unbesichert sind. Diese Refinanzierungsbemühungen stellen sicher, dass bis Dezember 2026 keine signifikanten Schuldenfälligkeiten bestehen.
- Extended $787 million in debt maturities to 2029, improving financial flexibility
- Revolving credit facility of $650 million remains undrawn and fully available
- 91% of total debt is fixed-rate, reducing interest rate volatility exposure
- No significant debt maturities until December 2026
- Competitive pricing grid maintained at 140-250 basis points over SOFR
- Carries substantial debt load of approximately $2.3 billion
Insights
This debt refinancing represents a significant strategic move for Pebblebrook Hotel Trust. The extension of
Key positives include maintaining competitive pricing (140-250 bps over SOFR), a high proportion of fixed-rate debt (
However, investors should note the weighted average debt maturity of 3.2 years is relatively short for a REIT, though this is partially mitigated by the recent extensions. The company's focus on debt reduction and balance sheet strengthening suggests a conservative financial approach, which could limit near-term growth opportunities but provides stability in the current high-rate environment.
Company Strengthens Balance Sheet with No Significant Debt Maturities Until December 2026
The Company has extended the maturity of
Importantly, the pricing on both the term loan and the credit facility remains unchanged and is based on a competitive pricing grid of 140 to 250 basis points over the applicable adjusted term SOFR.
“By securing these strategic extensions and completing our recent
Balance Sheet Financial Highlights:
- No Significant Debt Maturities Until December 2026: These refinancing efforts provide Pebblebrook with enhanced flexibility to execute its strategic initiatives.
-
Attractive Interest Rates and Debt Maturities: The weighted average interest rate on the Company’s approximately
$2.3 billion 4.3% , with a weighted average maturity of approximately 3.2 years. -
Fixed-Rate and Unsecured Debt Profile: After factoring in swap agreements, approximately
91% of the Company’s total outstanding debt and convertible notes effectively bear interest at fixed rates, and approximately91% is unsecured, reducing exposure to interest rate volatility and enhancing financial stability.
BofA Securities Inc. led the Company’s debt maturity extensions, 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
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 November 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.
For additional information or to receive press releases via email, please visit www.pebblebrookhotels.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104450511/en/
Raymond D. Martz
Co-President and Chief Financial Officer
Pebblebrook Hotel Trust
(240) 507-1330
Source: Pebblebrook Hotel Trust
FAQ
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