By Stephanie N. Rotondo
Phoenix, Aug. 11 – RAIT Financial Trust priced $70 million of 7.125% $25-par five-year senior notes on Monday, the company said in a press release.
Deutsche Bank Securities Inc., Barclays, Keefe Bruyette & Woods and Credit Suisse Securities (USA) LLC are the joint bookrunners.
Interest will be payable on the last day of February, May, August and November, beginning Nov. 30. The notes cannot be called until Aug. 30, 2017.
The redemption price is par plus accrued interest.
The company can also redeem the notes upon a fundamental change at 101% of par plus accrued interest.
The Philadelphia-based real estate investment trust will use proceeds for working capital and general trust purposes.
| Issuer: | RAIT Financial Trust
|
| Securities: | Senior notes
|
| Amount: | $70 million
|
| Greenshoe: | $10.5 million
|
| Maturity: | Aug. 30, 2019
|
| Bookrunners: | Deutsche Bank Securities Inc., Barclays, Keefe Bruyette & Woods, Credit Suisse Securities (USA) LLC
|
| Senior co-managers: | Ladenburg Thalmann, MLV & Co. LLC, William Blair & Co.
|
| Co-managers: | Compass Point, Drexel Hamilton, National Securities Corp.
|
| Coupon: | 7.125%
|
| Price: | Par of $25
|
| Yield: | 7.125%
|
| Talk: | 7.25% area
|
| Call options: | On or after Aug. 30, 2017 at par plus accrued interest or upon a fundamental change at 101% of par plus accrued interest
|
| Pricing date: | Aug. 11
|
| Settlement date: | Aug. 14
|
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