By Stephanie N. Rotondo
Portland, Ore., April 13 - Pennsylvania Real Estate Investment Trust is offering $100 million of 8.25% series A cumulative redeemable perpetual preferred shares, a trader told Prospect News Friday.
The deal was originally announced Thursday, and another trader saw price talk around 8.375%.
Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and Bank of America Merrill Lynch are the joint bookrunners.
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 20, 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." Settlement is expected April 20.
Proceeds will be used to repay amounts outstanding under the company's revolving credit facility and other debt and for other general corporate purposes.
| Issuer: | Pennsylvania Real Estate Investment Trust
|
| Securities: | Series A cumulative redeemable preferred shares
|
| Amount: | $100 million, or 4 million shares
|
| Dividend: | 8.25%, payable quarterly
|
| Maturity: | Perpetual
|
| Call option: | On or after April 20, 2017 or in the event of a change of control
|
| Bookrunners: | Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and Bank of America Merrill Lynch
|
| Pricing date: | April 13
|
| Settlement date: | April 20
|
| Expected listing: | NYSE: PEIPA
|
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