PREIT Completes $500MM LOC

Pennsylvania Real Estate Investment Trust, Philadelphia, has completed a new $500 million unsecured revolving line of credit and has received notification from the Securities and Exchange Commission that its $500 million shelf registration has become effective.The retail real estate investment trust said the shelf registration covers both equity and debt offerings. PREIT's new line of credit, which can be increased to $650 million under some conditions, bears interest between 1.5% and 2.5% over the London interbank offered rate, based on the REIT's leverage position. The facility, the availability of which is subject to PREIT's compliance with some covenants, has a term of three years with a possible one-year extension. The lenders on the LOC include lead arranger Wells Fargo, U.S. Bank, Fleet National Bank, Bank of America, Citigroup, and Firstrust Bank.