Pennsylvania REIT offers $75 million cumulative redeemable preferreds; price talk around 7.375%

By Stephanie N. Rotondo

Seattle, Jan. 18 – Pennsylvania Real Estate Investment Trust plans to price $75 million of series C cumulative redeemable preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Wednesday.

Price talk is in the 7.375% area, a market source reported.

Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies, J.P. Morgan Securities LLC and Stifel Nicolaus & Co. Inc. are the joint bookrunners.

The preferreds become redeemable in January 2022 at par plus accrued dividends. The company can also opt to redeem the issue upon a change of control.

The new securities will be listed on the New York Stock Exchange under the ticker “PEIPrC.”

The Philadelphia-based REIT plans to use proceeds to repay all or a portion of amounts outstanding under a 2013 revolving credit facility. Any remaining funds will be used for general business purposes, including the possible redemption of some or all of the 8.25% series A cumulative redeemable preferreds (NYSE: PEIPrA.)

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