RAIT buys back $40.8 million convertibles in 2008 for $18.7 million

By Susanna Moon

Chicago, March 2 - RAIT Financial Trust repurchased $40.8 million principal amount of convertible senior notes from the market during the year ended Dec. 31, according to a 10-K filing with the Securities and Exchange Commission.

The company paid a total of $18.7 million for the notes.

As a result, RAIT recorded gains on extinguishment of debt of $21.2 million, net of $0.9 million deferred financing costs associated with the convertible senior notes that were written off.

As of Dec. 31, the company had $384.2 million unpaid principal balance of convertible senior notes outstanding.

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

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