RAIT to give shares, cash in swap for $7.5 million 6.875% convertibles

By Susanna Moon

Chicago, March 17 - RAIT Financial Trust agreed to issue 1.65 million common shares and pay $925,000 in cash in exchange for $7.5 million principal amount 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 to the closing date in cash.

The company said it entered into the exchange agreement with a holder on March 16.

The exchange is scheduled to close March 19.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.