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RAIT Offers $275M in Notes to Buy Shares

PHILADELPHIA-Proceeds from the private offer of senior unsecured notes due in 2027 will be used to repurchase up to $75 million shares of common stock.

By Marita Thomas | Updated on April 12, 2007

(Read more on the debt and equity markets.)

PHILADELPHIA-RAIT Financial Trust has begun a private offering of $275 million in senior unsecured convertible notes due in 2027 to qualified institutional buyers. It will grant the initial purchaser an option to buy an additional $50 million to cover any over allotments.

According to a company statement, the locally based financial REIT will use the proceeds to repurchase up to $75 million of its common shares. Any balance will be applied to general purposes, “principally investment in its targeted asset classes.”

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