Pennsylvania Real Estate Investment Trust to sell perpetual cumulative redeemable preferreds

By Stephanie N. Rotondo

Portland, Ore., April 12 - Pennsylvania Real Estate Investment Trust intends to sell series A cumulative redeemable perpetual preferred shares, according to a prospectus filed with the Securities and Exchange Commission on Thursday.

Dividends will be payable on the 15th day of March, June, September and December, beginning June 15.

The preferreds will be redeemable on or after April 2017 or upon a change of control.

There is no stated maturity, and the preferreds are not subject to any sinking fund or mandatory redemption.

The Philadelphia-based REIT will apply to list the preferreds on the New York Stock Exchange under the symbol "PEIPA."

Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and Bank of America Merrill Lynch are the joint bookrunners.

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

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