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Pennsylvania REIT wraps up series C preferred stock offering

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Pennsylvania REIT wraps up series C preferred stock offering

Pennsylvania Real Estate Investment Trust completed its offering of 6.9 million of 7.20% series C cumulative redeemable perpetual preferred shares on Jan. 27.

The offering included the full exercise of the underwriters' option to buy up to 900,000 additional shares.

The REIT previously said the net proceeds will be used to fully or partially repay amounts outstanding under its 2013 revolving credit facility, among other purposes.

In conjunction with the offering's closing, the operating partnership issued to the REIT 6.9 million series C preferred units in exchange for the REIT's contribution of the net offering proceeds to the operating partnership. Wells Fargo Securities LLC was the representative of the offering's underwriters.