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RAIT Financial Trust Prices Public Offering Of Unsecured Senior Notes Due 2024

Stocks in this article: RAS

RAIT Financial Trust (“RAIT”) (NYSE: RAS) today announced the pricing of its underwritten public offering of $60.0 million aggregate principal amount of 7.625% Senior Notes due 2024 (the “Notes”). RAIT granted the underwriters a 30-day option to purchase up to an additional $9.0 million aggregate principal amount of the Notes in the offering to cover over-allotments. The Notes will be senior unsecured obligations of RAIT. RAIT expects the offering to close on April 14, 2014, subject to customary closing conditions. 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 acting as senior co-managers for the offering. Compass Point, Drexel Hamilton and MLV & Co. are acting as co-managers for the offering.

The Notes will pay interest quarterly in arrears on January 15, April 15, July 15 and October 15 of each year beginning on July 15, 2014, at an annual rate of 7.625%, and will mature on April 15, 2024 unless earlier redeemed or repurchased. RAIT will issue the Notes in denominations of $25 and integral multiples of $25 in excess thereof. RAIT intends to apply to list the Notes on the New York Stock Exchange (“NYSE”) within 30 days after the Notes are first issued.

The net proceeds to RAIT from this offering, after deducting underwriting discounts and estimated offering expenses payable by RAIT, will be approximately $57.5 million (assuming no exercise by the underwriters of their option to purchase additional notes).

RAIT intends to use the net proceeds from the proposed sale of the Notes for working capital and general trust purposes.

A registration statement relating to these securities has been filed and is effective and on file with the Securities and Exchange Commission (the “SEC”). Before you invest, you should read the prospectus and the 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 prospectus supplement relating to the offering of the Notes, when available, 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 prospectus.cpdg@db.com; 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 at newyork.prospectus@credit-suisse.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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