Barclays and Deutsche Bank assist with funding investments
By Devika Patel
Knoxville, Tenn., Jan. 14 - RAIT Financial Trust said the underwriters for its public sale of stock elected to exercise the deal's $7.76 million greenshoe in full for total proceeds of $59.52 million. The deal was announced Dec. 17 and priced on Dec. 18.
The company sold 10.35 million common shares at $5.75 apiece. The price per share is a 3.85% discount to the Dec. 17 closing share price of $5.98. Of the shares, 1.35 million were part of the fully exercised greeenshoe.
Deutsche Bank Securities Inc. and Barclays were the joint bookrunners.
Settlement is expected on Jan. 16.
Proceeds will be used for investments and general corporate purposes.
RAIT is a commercial real estate company based in Philadelphia.
| Issuer: | RAIT Financial Trust
|
| Issue: | Common shares
|
| Amount: | $59,512,500 (including $7,762,500 greenshoe)
|
| Shares: | 10.35 million
|
| Price: | $5.75
|
| Warrants: | No
|
| Bookrunners: | Deutsche Bank Securities Inc. and Barclays
|
| Announcement date: | Dec. 17
|
| Pricing date: | Dec. 18
|
| Settlement date: | Jan. 16
|
| Stock symbol: | NYSE: RAS
|
| Stock price: | $5.98 at close Dec. 17
|
| Market capitalization: | $319.44 million
|
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