Pebblebrook Hotel Trust Files 8-K on Financial Agreements

TL;DR

Pebblebrook Hotel Trust signed a new material definitive agreement on Nov 1, 2024, impacting its financial obligations.

AI Summary

On November 1, 2024, Pebblebrook Hotel Trust entered into a material definitive agreement related to its financial obligations. The filing also includes information on the creation of direct financial obligations or off-balance sheet arrangements, and a Regulation FD disclosure. Specific details regarding the nature of the agreement and financial implications are not fully elaborated in the provided text.

Why It Matters

This 8-K filing indicates Pebblebrook Hotel Trust has entered into new financial agreements, which could impact its debt structure and future financial flexibility.

Risk Assessment

Risk Level: medium — The filing details material definitive agreements and financial obligations, which inherently carry financial risk that needs further investigation.

Key Players & Entities

• Pebblebrook Hotel Trust (company) — Registrant
• November 1, 2024 (date) — Date of Earliest Event Reported

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Shares, $0.01 par value per share PEB New York Stock
• $1.38 billion — perating Partnership initially borrowed $1.38 billion in the form of three $460-million term
• $460 — owed $1.38 billion in the form of three $460-million term loans. Each term loan unde
• $200.0 million — redit Agreement as of October 31, 2024: $200.0 million maturing on October 13, 2025 (the " 202
• $460.0 million — ober 13, 2025 (the " 2025 Term Loan "), $460.0 million maturing on October 13, 2027 and $356.7
• $356.7 million — illion maturing on October 13, 2027 and $356.7 million maturing on January 20, 2028. The Cre
• $185.2 million — dment (i) extended the maturity date of $185.2 million of the 2025 Term Loan until January 19,
• $602.0 million — ) extended the initial maturity date of $602.0 million of the senior unsecured revolving credi
• $14.8 million — of the 2025 Term Loan in the amount of $14.8 million matures on October 13, 2025. The Cred

Filing Documents

• peb-20241101.htm (8-K) — 42KB
• a110124debtamendmentex101.htm (EX-10.1) — 1675KB
• a110124debtamendmentprex991.htm (EX-99.1) — 12KB
• image0a25a.jpg (GRAPHIC) — 24KB
• 0001474098-24-000130.txt ( ) — 2193KB
• peb-20241101.xsd (EX-101.SCH) — 3KB
• peb-20241101_def.xml (EX-101.DEF) — 17KB
• peb-20241101_lab.xml (EX-101.LAB) — 31KB
• peb-20241101_pre.xml (EX-101.PRE) — 18KB
• peb-20241101_htm.xml (XML) — 6KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On November 1, 2024, Pebblebrook Hotel Trust (the " Company "), as parent guarantor, Pebblebrook Hotel, L.P. (the " Operating Partnership "), as borrower, and certain subsidiaries of the Operating Partnership, as guarantors, Bank of America, N.A. (" BofA "), as administrative agent and L/C issuer, and certain other lenders named therein, entered into the Third Amendment to Fifth Amended and Restated Credit Agreement (the " Credit Agreement Amendment ") to amend the Fifth Amended and Restated Credit Agreement, dated October 13, 2022, among the Company, the Operating Partnership, certain subsidiaries of the Operating Partnership, BofA, and certain other lenders named therein (as amended by the First Amendment to Fifth Amended and Restated Credit Agreement, dated January 3, 2024, and the Second Amendment to Fifth Amended and Restated Credit Agreement, dated September 18, 2024, the " Credit Agreement "). As previously disclosed, on October 13, 2022, under the Credit Agreement, the Operating Partnership initially borrowed $1.38 billion in the form of three $460-million term loans. Each term loan under the Credit Agreement bears interest at a rate per annum equal to, at the option of the Company, (i) Daily Simple SOFR plus the SOFR Adjustment plus a margin that is based upon the Company's leverage ratio or (ii) Term SOFR plus the SOFR Adjustment plus a margin that is based upon the Company's leverage ratio. The margins for term loans range in amount from 1.40% to 2.45% for SOFR-based loans, depending on the Company's leverage ratio. Following previously disclosed prepayments of two of the term loans and a maturity date extension of one of the term loans, the Operating Partnership had three terms loans outstanding under the Credit Agreement as of October 31, 2024: $200.0 million maturing on October 13, 2025 (the " 2025 Term Loan "), $460.0 million maturing on October 13, 2027 and $356.7 million maturing on Januar

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. The Company issued a press release on November 1, 2024, announcing, among other things, the maturity date extensions set forth under Item 1.01 of this Current Report on Form 8-K. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Third Amendment to Fifth Amended and Restated Credit Agreement, dated as of November 1, 2024, among Pebblebrook Hotel, L.P., as the borrower, Pebblebrook Hotel Trust, as the parent REIT and a guarantor, certain subsidiaries of the borrower, as guarantors, Bank of America, N.A., as administrative agent and L/C issuer, and the other lenders party thereto. 99.1 Press release, issued November 1, 2024, announcing debt maturity extensions. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PEBBLEBROOK HOTEL TRUST November 4, 2024 By: /s/ Raymond D. Martz Name: Raymond D. Martz Title: Co-President, Chief Financial Officer, Treasurer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR