Pebblebrook sells additional shares to underwriters
Bethesda-based Pebblebrook Hotel Trust, which priced a secondary offering of $17 per share on July 22, said the offering’s underwriters exercised an option to purchase an additional 2.55 million shares.
With the additional share purchases, the net proceeds will be about $318 million, after subtracting the underwriting discount and other costs associated with the offering.
The offering is set to close July 28.
Pebblebrook (NYSE: PEB) said the money it raises will be used to invest in hotel properties and for general corporate purposes Low fee payday loans.
The underwriters purchase of 2.55 million shares comes on top of the offering’s original 17 million shares, which were expected to bring net proceeds of about $277 million.
The joint book-running managers of the offering are Raymond James & Associates Inc. and Bank of America Merrill Lynch. The co-managers are Baird, Credit Agricole CIB, Janney Montgomery Scott and Piper Jaffray.