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 | RAIT Financial Trust | 8.875% Series C Cumulative Redeemable Preferred Shares (RAS.PRC)
Prospectus excerpt: We are offering 1,600,000 of our 8.875% Series C cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share. We will pay cumulative dividends on the Series C preferred shares from and including the date of original issuance in the amount of $2.21875 per share each year, which is equivalent to 8.875% of the $25.00 liquidation preference per share. However, during any period of time that both (i) the Series C preferred shares are not listed on the New York Stock Exchange, or NYSE, the American Stock Exchange, or AMEX, or the NASDAQ Stock Market, or NASDAQ, and (ii) we are not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, but Series C preferred shares are outstanding, we will increase the cumulative cash distributions payable on the Series C preferred shares to a rate of 9.875% per year of the $25.00 liquidation preference (equivalent to $2.46875 per year per share). Dividends will be payable quarterly in arrears. The initial dividend payment date for any Series C preferred share shall be October 1, 2007 and the amount of the dividend payable on October 1, 2007 on any of these shares shall be calculated from the earliest date of original issuance of any Series C preferred share. The first dividend will be for less than a full quarter and pro rated accordingly. Holders of the Series C preferred shares will generally have no voting rights, but will have limited voting rights if we fail to pay dividends for six or more quarters and in certain other events. If at any time both (i) the Series C preferred shares cease to be listed on the NYSE, the AMEX or the NASDAQ, and (ii) we cease to be subject to the reporting requirements of the Exchange Act, but Series C preferred shares are outstanding, we will have the option to redeem the Series C preferred shares, in whole but not in part, within 90 days of the date upon which the Series C preferred shares cease to be listed and we cease to be subject to such reporting requirements, for cash at $25.00 per share, plus accumulated and unpaid distributions, if any, to the redemption date. Except as described above, we may not redeem the Series C preferred shares before July 5, 2012, except to preserve our tax status as a real estate investment trust. On or after July 5, 2012, we may, at our option, redeem the Series C preferred shares, in whole or in part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to and including the redemption date. The Series C preferred shares have no stated maturity date, will not be subject to any sinking fund or mandatory redemption and will not be convertible into any of our other securities. |
