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From: CusterInvestor4/12/2012 2:33:50 PM
1 Recommendation   of 5866
 



PREIT Announces Commencement of Preferred Share Offering





marketwatch.com 

PHILADELPHIA, Apr 12, 2012 (BUSINESS WIRE) -- Pennsylvania Real Estate Investment Trust (the “Company”) /quotes/zigman/237976/quotes/nls/pei PEI -0.39% today announced that it has commenced an underwritten public offering of Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A 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.

The Company intends to use the net proceeds from this offering to repay amounts outstanding under the Company’s Revolving Facility and other indebtedness and for other general corporate purposes.

A shelf registration statement with respect to this offering was previously filed with the Securities and Exchange Commission and declared effective on January 12, 2012. A preliminary prospectus supplement and related prospectus relating to the offering have been filed with the Securities and Exchange Commission.
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