Pebblebrook raises $400M 1.625% convertible notes due 2030; repurchases $400M 2026 notes and 4.3M shares

Pebblebrook Hotel Trust

Issued $400M aggregate principal of 1.625% Convertible Senior Notes due Jan 15, 2030; net proceeds ~$389.7M.
Used proceeds plus $4.1M cash to repurchase $400M of outstanding 1.75% Convertible Notes due 2026 in private transactions.
Repurchased ~4.3M common shares at $11.56 per share via existing buyback program concurrent with note pricing.
Initial conversion price ~$15.89/share (37.5% premium over $11.56 close); capped call transactions cap dilution at $20.23/share.
Notes are senior unsecured, redeemable after July 20, 2028 if stock price exceeds 130% of conversion price for 20 days.

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