After underwriting discounts and commissions of 93 cents a share, RAIT willreceive net proceeds of $34.7 million. It will use the proceeds to repaydebt, originate loans, acquire loans and acquire property interests.Delivery of the proceeds is scheduled for next Monday, February 10.
RAIT also granted FBR the option an over-allotment option for an additional262,000 common shares, exercisable within 30 days. If fully exercised, thisoption would generate an additional $5.2 million for RAIT.
RAIT focuses on the mid-size commercial real estate market. In addition toproviding structured financing to owners, it also acquires real estate forits own account.
The company's 2002 revenues were $73.7 million, up 41% over the previousyear.
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