RAIT buys back $32.5 million convertibles from two series

By Toni Weeks

San Diego, July 29 - RAIT Financial Trust repurchased $16.8 million of its 6.875% convertible senior notes in the quarter ended June 30, according to a financial report for the second quarter of 2011.

As previously reported, RAIT also prepaid the remaining $15.7 million of its 10% senior secured convertible notes on April 26.

The 6.875% convertibles repurchase gives holders a put right for April 2012 and leaves $38.8 million of the notes outstanding.

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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