RAIT to exchange stock, cash for $4 million more 6.875% convertibles

By Jennifer Chiou

New York, June 17 - RAIT Financial Trust entered into an exchange agreement with a holder to issue 1.24 million of its common shares and pay $200,000 in cash for $4 million 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 on Wednesday.

RAIT also will pay accrued interest to the settlement date, which is expected to be June 21.

A week ago, the company said it would issue 3.1 million shares and $500,000 in cash for $10 million of the notes. On June 3, RAIT agreed to exchange 700,000 common shares and $175,000 plus any accrued interest in cash for $2.5 million of the 6.875% convertibles. On March 17, the company agreed to swap 1.65 million common shares and $925,000 plus accrued interest in cash for $7.5 million of the notes.

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

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