By Marisa Wong
Morgantown, W.Va., Sept. 7 – Pennsylvania Real Estate Investment Trust priced $120 million of 6.875% series D cumulative redeemable perpetual preferred stock on Thursday.
The 4.8 million series D preferred shares are priced at par of $25.00 per share, according to a press release.
There is an $18 million over-allotment option.
Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC and Stifel Nicolaus & Co. Inc. are the joint bookrunners.
The preferreds become redeemable in September 2022 at par plus accrued dividends, according to prospectus filed with the Securities and Exchange Commission.
The issue can also be called upon a change of control.
The new securities will be listed on the New York Stock Exchange under the ticker symbol “PEIPrD.”
The Philadelphia-based real estate investment trust intends to use proceeds to redeem all $115 million of its 8.25% series A cumulative redeemable preferreds. Any remaining funds will be used for general corporate purposes.
| Issuer: | Pennsylvania Real Estate Investment Trust
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| Securities: | Series D cumulative redeemable preferred stock
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| Amount: | $120 million, or 4.8 million shares
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| Greenshoe: | $18 million, or 720,000 shares
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| Maturity: | Perpetual
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| Bookrunners: | Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC and Stifel Nicolaus & Co. Inc.
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| Co-managers: | BB&T Capital Markets, Canaccord Genuity Inc., Capital One Securities, Inc., MUFG Securities Americas Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
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| Dividend: | 6.875%
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| Price: | Par of $25.00
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| Yield: | 6.875%
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| Call option: | At par plus accrued dividends in September 2022, upon change of control
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| Pricing date: | Sept. 7
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| Settlement date: | Sept. 11
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| Expected listing: | NYSE: PEIPrD
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