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Pennsylvania Real Estate Investment Trust Prices Common Share Offering


Wednesday, 1 May 2013 09:35am EDT 

Pennsylvania Real Estate Investment Trust announced that it has priced an underwritten public offering of 10,000,000 of its common shares of beneficial interest at $20.00 per share. The joint book-running managers for this offering are Wells Fargo Securities, BofA Merrill Lynch, Citigroup and J.P. Morgan. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,500,000common shares. The Company estimates that the net proceeds from this offering, after the underwriting discount and estimated offering expenses payable by the Company, will be approximately $191,500,000 or approximately $220,300,000 if the underwriters` option to purchase additional shares is exercised in full. The offering is expected to close on May 6, 2013. The Company intends to use the net proceeds from this offering to repay amounts outstanding under the Company`s 2013 Revolving Facility and for other general corporate purposes. 

Company Quote

23.28
-0.2 -0.85%
26 Dec 2014