RAIT to exchange $2.5 million 6.875% convertibles for stock, cash

By Susanna Moon

Chicago, June 4 - RAIT Financial Trust agreed to issue 700,000 of its common shares and pay $175,000 in cash for $2.5 million principal amount of its 6.875% convertible senior notes due 2027, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into the exchange agreement with a holder of its notes on June 3.

RAIT also will pay accrued interest to the closing date, which is expected to be June 8.

On March 17 RAIT agreed to exchange 1.65 million common shares and $925,000 plus any accrued interest in cash for $7.5 million principal amount of its 6.875% convertibles.

RAIT is a Philadelphia-based real estate investment trust that provides debt financing to the real estate industry.

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