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RAIT to Raise $43M in Public Offering

PHILADELPHIA-The locally based REIT that specializes in commercial real estate financing offers two million shares of common stock at $22.75 a share. An over-allotment of 300,000 shares could add $6.5 million to net proceeds.

By Marita Thomas | Updated on October 23, 2003

PHILADELPHIA-Locally based RAIT Investment Trust offers two million shares of common stock at $22.75 a share. After underwriting discounts and commissions of $1.02 per share and estimated offering expenses, RAIT will realize $43.4 million in net proceeds.

The lead managing underwriter is Arlington, VA-based Friedman, Billings, Ramsey & Co. Inc. Co-managers are Minneapolis-based US Bancorp Piper Jaffray Inc. and Stifel, Nicolaus & Co. Inc., which is headquartered in St. Louis.

The underwriters are granted an over-allotment option for an additional 300,000 shares exercisable within 30 days of October 22. Full exercise of the over-allotment would generate an additional $6.5 million in net proceeds. RAIT plans to use proceeds from the offering to repay debt, originate loans and acquire loans and property interests.

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