Pennsylvania Real Estate Investment Trust priced an underwritten offering of 6.0 million of its 7.20% series C cumulative redeemable perpetual preferred stock.

The company is offering the shares at a price to the public of $25.00 apiece for projected net proceeds of roughly $144.8 million. The offering, set to close Jan. 27, comes with a 30-day underwriters' option to buy up to 900,000 additional shares.

The net proceeds will be used to fully or partially repay amounts outstanding under the REIT's 2013 revolving credit facility, for general corporate purposes and potentially to redeem some or all of its series A preferred shares when eligible for redemption in April.

Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC and Stifel Nicolaus & Co. Inc. are the joint book-running managers, with Boenning & Scattergood Inc.; BB&T Capital Markets, a division of BB&T Securities LLC; Canaccord Genuity Inc.; Capital One Securities Inc.; MUFG Securities Americas Inc.; TD Securities (USA) LLC; and U.S. Bancorp Investments Inc. as co-managers.