New York, Sept. 29 - RAIT Investment Trust said it priced $50 million of series B cumulative redeemable preferred shares of beneficial interest at par of $25 to yield 8 3/8%.
The deal priced higher than talk that had put the yield at 8 1/8% to 8¼%.
There is a $7.5 million greenshoe.
Friedman, Billings, Ramsey & Co., Inc. was lead manager for the offering with Piper Jaffray & Co. and Stifel, Nicolaus & Co., Inc. as co-managers.
The Philadelphia-based commercial real estate investment trust will use proceeds to repay debt, to make real estate investments and for other general purposes.
| Issuer: | RAIT Investment Trust
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| Issue: | Series B cumulative redeemable preferred shares of beneficial interest
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| Amount: | $50 million (2 million shares)
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| Greenshoe: | $7.5 million (300,000 shares)
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| Maturity: | Perpetual
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| Dividend: | 8 3/8%, starting Dec. 1
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| Price: | Par of $25
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| Yield: | 8 3/8%
|
| Call: | 5 years
|
| Settlement: | Oct. 5
|
| Lead manager: | Friedman, Billings, Ramsey & Co., Inc.
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