Pennsylvania REIT’s 7.2% cumulative preferreds admitted to NYSE

By Stephanie N. Rotondo

Seattle, Feb. 1 – Pennsylvania Real Estate Investment Trust’s $172.5 million of 7.2% series C cumulative redeemable preferred stock listed on the New York Stock Exchange on Wednesday, according to a market source.

The ticker symbol is “PEIPrC.”

The company initially sold $150 million of the preferreds on Jan. 18, coming upsized from $75 million. On Jan. 27, the $22.5 million greenshoe was fully exercised, bringing the total amount outstanding to $172.5 million.

Initial price talk was in a 7.375% area.

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

The preferreds become redeemable on or after Jan. 27, 2022 at par plus accrued dividends. The company can also opt to redeem the issue upon a change of control.

The Philadelphia-based REIT plans to use the 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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