Pebblebrook Hotel Trust exercises accordion feature.
BETHESDA, Md: Pebblebrook Hotel Trust successfully exercised the accordion feature of its existing senior unsecured revolving credit facility, upsizing the total capacity by $200 million, to a total of $650 million of availability.
The upsized availability provides for additional capacity and flexibility for Pebblebrook in anticipation of the merger with LaSalle Hotel Properties (NYSE:LHO) ("LaSalle"), which is expected to close on November 30, 2018. The accordion's terms, pricing and covenants are the same as those for the Company's current outstanding senior unsecured revolving credit facility.
Raymond D. Martz, Chief Financial Officer for Pebblebrook Hotel Trust, said, "We are appreciative of the continued support from our bank group as we move towards finalizing our merger with LaSalle, which has received all necessary shareholder approvals. Following the completion of this merger, Pebblebrook will be the largest owner of independent and lifestyle hotels in the country. Our increased credit facility and our expanded and enhanced bank group will provide the additional debt capacity to support our long-term strategic goals and future growth opportunities."
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Dec 4, 2018|
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