RAIT Financial Trust (“RAIT”) (NYSE:RAS) today announced that it has commenced a public offering of Senior Notes due 2024 (the “Notes”). RAIT expects to grant the underwriters a 30-day option to purchase up to an additional 15% of Notes in the proposed offering. Barclays, Deutsche Bank Securities, Credit Suisse and Keefe, Bruyette & Woods, a Stifel Company, are acting as joint book-running managers for the offering. Ladenburg Thalmann & Co. Inc. and William Blair are senior co-managers for the offering. Compass Point, Drexel Hamilton and MLV & Co. are acting as co-managers for the offering.
The Notes will be senior unsecured obligations of RAIT and will pay interest quarterly. We will issue the Notes in denominations of $25 and integral multiples of $25 in excess thereof. The aggregate principal amount of Notes being offered, interest rate and offering price of the Notes will be determined at the time of pricing of the offering. RAIT intends to apply to list the Notes on the New York Stock Exchange (“NYSE”). 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.
RAIT intends to use the net proceeds from the proposed sale of the Notes for working capital and general trust purposes.
The Notes will be offered and sold under RAIT’s effective shelf registration statement, as amended, on file with the Securities and Exchange Commission (the “SEC”). Before you invest, you should read the prospectus and the preliminary prospectus supplement relating to the offering of the Notes and other documents RAIT has filed with the SEC for more complete information about RAIT and the offering of the Notes. You may obtain electronic copies of these filed documents at the SEC web site at www.sec.gov. Copies of the prospectus and the preliminary prospectus supplement relating to the offering of the Notes may also be obtained by requesting copies from the book-running managers by contacting: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone at (888) 603-5847 or by e-mail at Barclaysprospectus@broadridge.com; Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by calling (800) 503-4611, or by emailing firstname.lastname@example.org; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York, 10010, by phone at (800) 221-1037 or by email email@example.com; or Keefe, Bruyette & Woods, Inc., Attn: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, or by calling (855) 300-7136.This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor does it constitute an offer, solicitation or sale of the Notes in any jurisdiction in which such offer, solicitation or sale is unlawful.
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