Pennsylvania Real Estate to sell series B preferreds at 7.5%-7.625%

By Stephanie N. Rotondo

Phoenix, Oct. 1 - Pennsylvania Real Estate Investment Trust is planning a sale of series B cumulative redeemable perpetual preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Monday.

Price talk is 7.5% to 7.625%, according to a trader. Dividends will be paid quarterly on the 15th day of March, June, September and December, beginning Dec. 17,

The new series of preferreds will become redeemable in October 2017 or in the event of a change of control.

The company will apply to list the preferreds on the New York Stock Exchange under the ticker symbol "PEIPB."

Joint bookrunning managers are Wells Fargo Securities LLC, Citigroup Global Markets Inc. and Bank of America Merrill Lynch.

Proceeds will be used to repay amounts outstanding under the company's 2010 credit facility and for general corporate purposes.

PREIT is a Philadelphia-based real estate investment trust.

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