By Paul A. Harris
St. Louis, March 16 - Rait Investment priced an upsized $60 million trust preferred issue on Monday, according to an informed source.
The company sold 2.4 million series A cumulative redeemable preferred stock at par for $25.00 per share. The shares came with a coupon of 7¾%.
Price talk was 7¾% to 8%.
The company has a $9 million greenshoe option.
Friedman Billings Ramsey ran the books. Stifel Nicolaus was co-manager.
Proceeds will be used for general corporate purposes.
The Philadelphia-based issuer is an internally managed mortgage real estate investment trust that originates senior, subordinated, bridge, and wraparound real estate loans.
| Issuer: | Rait Investment
|
| Amount: | $60 million (increased from $50 million)
|
| Greenshoe: | $9 million
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| Maturity: | Perpetual
|
| Security description: | Series A cumulative redeemable preferred stock
|
| Bookrunner: | Friedman Billings Ramsey
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| Co-manager: | Stifel Nicolaus
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| Shares issued: | 2.4 million
|
| Share price: | $25.00
|
| Price: | Par
|
| Coupon: | 7¾%
|
| Pricing date: | March 15
|
| Settlement date: | March 19
|
| Price talk: | 7¾%-8%
|
| Listing: | New York Stock Exchange
|
| Ticker: | RAS PrA
|
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