RAIT to repurchase convertibles with $75 million of note proceeds

By Toni Weeks

San Diego, March 16 - RAIT Financial Trust will use $75 million of the proceeds of its planned offering of $100 million of 20-year convertible senior notes to repurchase a portion of its outstanding 6.875% convertible senior notes due 2027, to repay debt and for general trust purposes, including working capital, according to an FWP filing with the Securities and Exchange Commission.

Philadelphia-based RAIT is a real estate investment trust focused on properties in Philadelphia and in the Baltimore to Washington, D.C., corridor.

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