Pennsylvania REIT’s 6.875% cumulative preferreds list on NYSE

By Stephanie N. Rotondo

Seattle, Sept. 13 – Pennsylvania Real Estate Investment Trust’s $120 million of 6.875% series D cumulative redeemable perpetual preferred stock began trading on the New York Stock Exchange on Wednesday.

The ticker symbol is “PEIPrD.”

The deal priced Sept. 7.

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

There is an $18 million over-allotment option.

The preferreds become redeemable on Sept. 15, 2022 at par plus accrued dividends.

The issue can also be called upon a change of control.

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.

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