RAIT Financial Trust to sell up to $150 million series A, B and C preferreds ‘at-the-market’

By Stephanie N. Rotondo

Phoenix, June 13 – RAIT Financial Trust is selling up to $150 million of three series of preferreds via an “at-the-market” offering, the company said in a prospectus filed with the Securities and Exchange Commission on Friday.

The three series included in the offering are the 7.75% series A cumulative redeemable preferred shares (NYSE: RASPA), the 8.375% series B cumulative redeemable preferred shares (NYSE: RASPB) and the 8.875% series C cumulative redeemable preferred shares (NYSE: RASPC).

MLV & Co. LLC is running the sale.

Dividends are payable on the last day of March, June, September and December. The preferreds are redeemable at any time at a redemption price of par plus accrued dividends.

If the series C shares cease to be listed on any exchange and the company is no longer required to report to the Securities and Exchange Commission, the company has the option to redeem the preferreds in whole at par plus accrued dividends.

Proceeds will be used for general corporate purposes.

RAIT is a Philadelphia-based real estate investment trust.

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