Pebblebrook Hotel Trust announced its operating partnership, Pebblebrook Hotel, L.P., and PEB Finance Corp. intend to offer $350 million aggregate principal amount of senior notes due 2029 in a private placement. These notes will be senior unsecured obligations, initially guaranteed by the Company and its subsidiaries.
The operating partnership plans to use at least $253.0 million of the net proceeds to pay down existing unsecured term loans. The remaining balance, up to $87.4 million, may be used to pay down other unsecured term loans or repurchase a portion of the Company's convertible senior notes.
This proposed offering aims to enhance the Company's financial flexibility by proactively addressing existing debt obligations and managing its capital structure.
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