RAIT Financial Trust Prices Offering of 8.875% Series C Cumulative Redeemable Preferred Shares 
PHILADELPHIA, PA (REIT Media) June 28, 2007 - RAIT Financial Trust (NYSE:RAS) announced today that it has priced an offering to sell 1,600,000 shares of newly designated 8.875% Series C Cumulative Redeemable Preferred Shares for net proceeds before offering expenses of $38.7 million. The securities will be sold at a price of $25 per share and will pay a dividend of 8.875% per annum on the $25 liquidation preference. Bear, Stearns & Co. Inc. is the sole book-running manager of the offering. Piper Jaffray, RBC Capital Markets and Stifel Nicolaus are co-lead managers and Friedman, Billings, Ramsey & Co. is co-manager of the offering. RAIT has granted the underwriters an option, exercisable within 30 days after the date of delivery of the Series C Preferred Shares, to purchase up to 240,000 additional Series C Preferred Shares to cover over-allotments, if any.
RAIT has applied to list the preferred shares on the New York Stock Exchange under the symbol "RAS PrC." If the application is approved, it is expected that trading of the preferred shares will commence within 30 days after the initial delivery of the shares. The offering is expected to close on July 5, 2007.
A copy of the prospectus supplement and prospectus relating to this offering may be obtained by contacting Bear, Stearns & Co. Inc., ATTN: Prospectus Department, 1 Metrotech Center North, 5th Floor, Brooklyn, NY 11201.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About RAIT Financial Trust
RAIT Financial Trust ("RAIT"), a real estate investment trust ("REIT"), originates secured and unsecured credit facilities including bridge and mezzanine loans, preferred equity investments, trust preferred securities and subordinated debt for private and corporate owners of commercial real estate, REITs and real estate operating companies and their intermediaries throughout the United States and Europe.
Source: RAIT Financial Trust
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Jun.28.2007. 20:19
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