Pebblebrook Hotel Trust entered into the Fourth Amendment to its Fifth Amended and Restated Credit Agreement on February 11, 2026, extending the maturity of a $360 million term loan to February 2031, providing an option to borrow an additional $90 million, and extending the maturity of its $650 million revolving credit facility to October 2028 with extension options to October 2029. This refinancing strengthens the company's liquidity profile and extends its debt maturity schedule.
Key takeaways
The Fourth Amendment to the Credit Agreement was entered into on February 11, 2026, among Pebblebrook Hotel Trust, Pebblebrook Hotel, L.P., Bank of America, N.A., and other lenders.
Term Loan A-3's maturity date was extended from October 13, 2027 to February 11, 2031, and the Operating Partnership has an option to borrow up to an additional $90 million before December 15, 2026.
The initial maturity date of $48 million of the $650 million senior unsecured revolving credit facility was extended from October 13, 2026 to October 13, 2028, with two six-month extension options potentially extending it to October 13, 2029.
M&T Bank joined as a new Term Loan A-3 Lender under the Credit Agreement as part of this amendment.
The interest rate for term loans under the Credit Agreement is based on Daily Simple SOFR or Term SOFR plus a margin ranging from 1.40% to 2.45%, depending on the Company's leverage ratio, with the amendment not changing these margins.
The press release announced the closing of a new $450 million senior unsecured term loan, with $360 million funded at closing and $90 million as a delayed-draw commitment available through December 15, 2026.