News Column

RAIT Financial Trust Prices Public Offering of 7.125% Senior Notes Due 2019

August 30, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- RAIT Financial Trust ("RAIT") (NYSE: RAS) announced the pricing of its underwritten public offering of $70.0 million aggregate principal amount of 7.125% Senior Notes due 2019 (the "Notes"). RAIT granted the underwriters a 30-day option to purchase up to an additional $10.5 million aggregate principal amount of the Notes in the offering to cover over-allotments. The Notes will be senior unsecured obligations of RAIT. RAIT expects the offering to close on August 14, 2014, subject to customary closing conditions. Deutsche Bank Securities, Barclays, Keefe, Bruyette & Woods, a Stifel Company, and Credit Suisse are acting as joint book-running managers for the offering. Ladenburg Thalmann, MLV & Co. and William Blair are senior co-managers for the offering. Compass Point, Drexel Hamilton and National Securities Corporation are acting as co-managers for the offering.

The Notes will pay interest quarterly in arrears on February 28, May 30, August 30 and November 30 of each year beginning on November 30, 2014, at an annual rate of 7.125%, and will mature on August 30, 2019 unless earlier redeemed or repurchased. RAIT will issue the Notes in denominations of $25 and integral multiples of $25 in excess thereof. RAIT intends to apply to list the Notes on the New York Stock Exchange ("NYSE") within 30 days after the Notes are first issued.

The net proceeds to RAIT from this offering, after deducting underwriting discounts and estimated offering expenses payable by RAIT, will be approximately $67.1 million (assuming no exercise by the underwriters of their option to purchase additional notes).

RAIT intends to use the net proceeds from the proposed sale of the Notes for working capital and general trust purposes.

A registration statement relating to these securities has been filed and is effective and on file with the Securities and Exchange Commission (the "SEC"). Before you invest, you should read the prospectus and the prospectus supplement relating to the offering of the Notes and other documents RAIT has filed with the SEC for more complete information about RAIT and the offering of the Notes. You may obtain electronic copies of these filed documents at the SEC web site at www.sec.gov. Copies of the prospectus and the prospectus supplement relating to the offering of the Notes may also be obtained by requesting copies from the book-running managers by contacting: Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by calling (800) 503-4611, or by emailing prospectus.cpdg@db.com; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone at (888) 603-5847 or by e-mail at Barclaysprospectus@broadridge.com; Keefe, Bruyette & Woods, Inc., Attn: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, or by calling (855) 300-7136; or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York, 10010, by phone at (800) 221-1037 or by email atnewyork.prospectus@credit-suisse.com.

Keywords for this news article include: Banking and Finance, RAIT Financial Trust.

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Source: Investment Weekly News


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