Pebblebrook Hotel Trust announced the successful extension of $787 million in debt maturities on November 4, 2024, significantly bolstering its financial flexibility and liquidity position. This includes extending $185.2 million of its $200 million 2025 term loan to 2029.
Additionally, $602 million of its $650 million senior unsecured revolving credit facility has been extended to 2029, inclusive of two optional six-month extensions. The revolving credit facility remains undrawn and fully available, providing the Company with substantial liquidity.
The pricing on both the term loan and the credit facility remains unchanged, based on a competitive pricing grid of 140 to 250 basis points over the applicable adjusted term SOFR. This action, combined with a recent $400 million five-year senior notes offering, brings the total debt financings and extensions to approximately $1.2 billion.
These significant transactions greatly enhance the Company's financial flexibility, allowing it to focus on reducing debt, increasing liquidity, and strengthening its balance sheet. The Company now has no significant debt maturities until December 2026.
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