RAIT Financial sells $34 million preferreds in at-the-market offering

By Angela McDaniels

Tacoma, Wash., Jan. 13 - RAIT Financial Trust sold $34.49 million of cumulative redeemable preferred stock through its at-the-market offering, according to an 8-K filing with the Securities and Exchange Commission.

The offering began May 21, 2012 and ended Friday.

MLV & Co. LLC was the underwriter.

The company planned to sell up to $50 million, or 2 million, of each of the following: 7.75% series A preferreds, 8.375% series B preferreds and 8.875% series C preferreds.

As of the termination date, the company had sold the following:

• 1,309,288 series A preferreds with a total liquidation preference of $32.73 million;

• 30,165 series B preferreds with a total liquidation preference of $754,125; and

• 40,100 series C preferreds with a total liquidation preference of $1 million.

Remaining unsold are 609,712, or $15.24 million, series A preferreds, 1,969,835, or $49.25 million, series B preferreds and 1,959,900, or $49 million, series C preferreds.

The preferreds are callable at $25 at any time.

The company planned to use proceeds to make investments and for general trust purposes.

On Monday, the series A preferreds closed at $22.73 (NYSE: RASPA), the series B preferreds closed at $24.05 (NYSE: RASPB) and the series C preferreds closed at $25.20 (NYSE: RASPC).

RAIT is a commercial real estate company based in Philadelphia.

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