PREIT Announces Commencement of Preferred Share Offering
Pennsylvania Real Estate Investment Trust (NYSE: PEI) today announced that it has commenced an underwritten public offering of Series A Cumulative Redeemable Perpetual Preferred Shares. The Series A 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 A Preferred Shares.
The Company intends to file an application to list the Series A Preferred Shares on the New York Stock Exchange. If the application is approved, trading of the Series A Preferred Shares on the New York Stock Exchange is expected to begin within 30 days after the initial issuance of the Series A Preferred Shares. Wells Fargo Securities, LLC, Citigroup and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers for the offering.
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