Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Tue, May 24, 5:05 PM
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Slide #555. Pennsylvania Real Estate Investment Trust — Preferred Stock Offering
Pennsylvania Real Estate Investment Trust (NYSE:PEI)
Wells Fargo Securities, LLC, Citigroup and Merrill Lynch, Pierce, Fenner & Smith Incorporated
Series B Cumulative Redeemable Perpetual Preferred Shares (NYSE:PEI.PRB)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Pennsylvania Real Estate Investment Trust announced that it has commenced an underwritten public offering of Series B Cumulative Redeemable Perpetual Preferred Shares (the "Series B Preferred Shares"). The Series B Preferred Shares will have a liquidation preference of $25.00 per share. The Company expects to grant to the underwriters for the public offering a 30-day option to purchase additional Series B Preferred Shares. The Company intends to file an application to list the Series B Preferred Shares on the New York Stock Exchange. If the application is approved, trading of the Series B Preferred Shares on the New York Stock Exchange is expected to begin within 30 days after the initial issuance of the Series B Preferred Shares. Wells Fargo Securities, LLC, Citigroup and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers for the offering.
Pennsylvania Real Estate Investment Trust is a real estate investment trust, which has a primary investment focus on retail shopping malls located in the eastern half of the U.S., primarily in the Mid-Atlantic region. Co. is engaged in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. Co.'s malls include retail and lifestyle offerings, including national and regional department stores, retailers and other anchors, mixed with destination dining and entertainment experiences. Co.'s malls have restaurants and/or food courts, and some of the malls have multi-screen movie theaters and other entertainment options.
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