RAIT to issue stock, pay cash for $10 million more 6.875% convertibles

By Susanna Moon

Chicago, July 15 - RAIT Financial Trust agreed to issue 3,325,000 of its common shares and pay $500,000 in cash for $10 million of its 6.875% convertible senior notes due 2027, according to an 8-K filing with the Securities and Exchange Commission.

RAIT also will pay accrued interest in cash to the closing date, which is expected to be July 19.

The company said it entered into an exchange agreement with a holder on July 14.

On June 17 the company said it would issue 1.24 million common shares and $200,000 in cash plus accrued interest for $4 million of its 6.875% convertibles. On June 11, the company said it would issue 3.1 million shares and $500,000 in cash for $10 million of the notes.

On June 3, RAIT agreed to exchange 700,000 common shares and $175,000 plus any accrued interest in cash for $2.5 million of the 6.875% convertibles. On March 17, the company agreed to swap 1.65 million common shares and $925,000 plus accrued interest in cash for $7.5 million of the notes.

RAIT is a Philadelphia-based real estate investment trust that provides debt financing to the real estate industry.

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