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Pebblebrook Hotel Trust Announces Exercise Of Underwriters' Overallotment Option

Monday, 15 Apr 2013 07:03am EDT 

Pebblebrook Hotel Trust announced the full exercise of the underwriters' overallotment option and the sale of an additional 400,000 6.50% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest of the Company (Series C Preferred Shares). The overallotment option was granted in connection with the Company's underwritten public offering of 3,600,000 Series C Preferred Shares which priced on March 11, 2013 and closed on March 18, 2013. The Series C Preferred Shares are listed on the New York Stock Exchange under the symbol PEBPrC. The aggregate of 4,000,000 Series C Preferred Shares were sold at a public offering price of $25.00 per share. Total net proceeds, after deducting the underwriting discount and estimated offering-related costs were approximately $97.0 million. The Company will contribute the net proceeds from the sale of the shares to operating partnership. The operating partnership will use the proceeds for general corporate purposes, which may include acquiring and investing in hotel properties in accordance with the Company's investment strategy and reducing the Company's debt. Raymond James and Citigroup were the joint book-running managers of the offering. Baird and Stifel acted as co-managers. 

Company Quote

-1.25 -2.52%
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