RAIT Announces Public Offering Of Senior Notes Due 2019

(RTTNews) - RAIT Financial Trust (RAS) announced that it has commenced a public offering of Senior Notes due 2019 and it expects to grant the underwriters a 30-day option to purchase up to an additional 15% of Notes in the proposed offering.

RAIT said the Notes will be senior unsecured obligations of RAIT and will pay interest quarterly and the company 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. If the application is approved, RAIT expects trading in the Notes on the NYSE to begin within 30 days after the Notes are first issued.

The company stated that it intends to use the net proceeds from the proposed sale of the Notes for working capital and general trust purposes.