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Thursday, June 28, 2018 4:25:57 PM
RASF has Good News just kicked in today in the After-Hour session --- see the link below!
https://www.businesswire.com/news/home/20180628005984/en/
RAIT Financial Trust Announces Progress on Its Strategic Steps
BUSINESS WIRE 4:20 PM ET 6/28/2018
PHILADELPHIA--(BUSINESS WIRE)-- RAIT Financial Trust(RASF) (“RAIT”) is pleased to provide an update on its previously announced strategy of taking steps to increase liquidity and better position RAIT to meet its financial obligations as they come due. These steps are referred to as the 2018 strategic steps and they include, but are not limited to:
The suspension of our lending business along with the implementation of other steps to reduce costs within our other operating businesses; and
The continuation of the process of selling our owned real estate (“REO”) portfolio and selling certain of our commercial real estate (“CRE”) loans, while continuing to service and manage our existing CRE loan portfolio.
Key progress related to our 2018 strategic steps include the following:
Asset Monetization Plan and Liquidity Position
As of June 27, 2018, RAIT’s year to date REO and CRE loan divestitures, totaled $182.7 million. After repayment of obligations secured by these assets and related transaction costs of $88.9 million, RAIT received net proceeds of approximately $93.8 million.
As summarized below, on June 27, 2018, a RAIT subsidiary (“RAIT IV”), sold (the “FL Sale”) its interests (the “FL5/6 Interests”) in joint ventures which held securities with a $61.2 million aggregate par amount in two floating rate securitizations, which RAIT has referred to as RAIT FL5 and RAIT FL6 in its public filings, to an affiliate (the “FL5/6 Purchaser”) of the other members of these joint ventures.
RAIT’s cash and cash equivalents balance as of June 27, 2018 was $73 million.
Debt Reductions
During 2018, RAIT repurchased $42.3 million of its outstanding 4% convertible senior notes, leaving $68.2 million outstanding. Additionally, during 2018, RAIT redeemed $2.0 million of its senior secured notes, leaving $9.5 million outstanding.
RAIT completes the FL Sale, the Preferred Redemption (as defined below) and the Preferred Exchange (as defined below)
As detailed in the Form 8-K filed on June 28, 2018, on June 27, 2018, RAIT and RAIT IV closed on (1) the redemption (the “Preferred Redemption”) of a portion of RAIT IV’s preferred units (the “Units”) held by an investor (the “Preferred Investor”), resulting in the cancellation of the linked RAIT Series D Preferred Shares (the “Series D Preferred Shares”) held by the Preferred Investor; and (2) the exchange (the “Preferred Exchange”) of the remaining Units and linked Series D Preferred Shares held by the Preferred Investor for newly issued shares of RAIT’s publically traded Series A, B and C Preferred Shares, resulting in the cancellation of all of the outstanding Units and linked Series D Preferred Shares. RAIT IV, which owned specified assets required to be held by RAIT IV under the Series D Documents (as defined below) to support the redemption of the Units and the Series D Preferred Shares, closed on its sale to the FL5/6 Purchaser of the FL5/6 Interests. As described below, the proceeds from the sale were used to redeem certain of the Units, which resulted in the cancellation of the Series D Preferred Shares linked to such Units. RAIT IV utilized approximately $54.6 million in net proceeds from FL Sale plus $2.2 million of other cash held by RAIT IV to redeem $56.8 million of the Units and the Series D Preferred Shares linked to such Units having an aggregate liquidation preference of $56.8 million. The remaining balance of the Units and Series D Preferred Shares, with an aggregate liquidation preference of $16.7 million, was exchanged for 383,147 RAIT Series A Preferred Shares, 167,828 RAIT Series B Preferred Shares and 117,605 RAIT Series C Preferred Shares, having an aggregate liquidation preference of $16.7 million.
Key effects of the transactions for RAIT include:
The resolution of the previously disclosed dispute between the Preferred Investor and RAIT and the termination of the previously disclosed securities purchase agreement related to the Series D Preferred Shares and Units and related documents governing the Series D Preferred Shares and Units (collectively, the “Series D Documents”) and the operating covenants therein;
The release back to RAIT from RAIT IV’s assets of the remaining $28.2 million par amount of assets held by RAIT IV as part of the assets supporting the redemption of the Units and cancellation of the linked Series D Preferred Shares, making these assets available for RAIT’s future liquidity needs; and
The reduction in the size of RAIT’s Board of Trustees (the “Board”) thru the resignation from the Board of the Preferred Investor’s designated Board member and another Board member with business relationships with the Preferred Investor.
Please see the Form-8K filed on June 28, 2018 for further details.
Michael Malter, RAIT’s Chairman of the Board said, “With the combination of our current cash balance of $73 million, $44 million of corporate recourse debt reductions and completion of transactions resulting in the cancellation of the Series D Preferred Shares, we believe RAIT has mitigated the most significant immediate risks it faced during the first half of 2018. At this time, we anticipate RAIT’s liquidity position will be sufficient to meet its 2018 financial obligations as we expect them to come due.”
About RAIT Financial Trust(RASF)
RAIT Financial Trust (RASF) is an internally-managed real estate investment trust focused on providing debt financing options to owners of commercial real estate throughout the United States. For more information, please visit www.rait.com or call Investor Relations at 215.207.2100.
View source version on businesswire.com:
Source: RAIT Financial Trust(RASF)
Copyright Business Wire 2018
RASF is Hyper Undervalued now --- $1.59 a share Huge Positive Book Value and $0.91 a share Huge Positive Cash Value v.s. it has been trading at ridiculous low price levels $0.11 ~ $0.083! $12.97 a share Huge Enterprise Value which is 151 Times of current joke low price!
RASF is also Hyper Oversold most recently --- 83.9% price crash from the most recent high $0.515 to the new low $0.083 within just a couple of months without any bad news at all! Easy to soar back to 0.31xx again based on its recent strong rally patterns...
RASF will surge 20-Bagger very soon based on its Huge Positive BV and Huge Positive CV alone!
https://www.businesswire.com/news/home/20180628005984/en/
RAIT Financial Trust Announces Progress on Its Strategic Steps
BUSINESS WIRE 4:20 PM ET 6/28/2018
PHILADELPHIA--(BUSINESS WIRE)-- RAIT Financial Trust(RASF) (“RAIT”) is pleased to provide an update on its previously announced strategy of taking steps to increase liquidity and better position RAIT to meet its financial obligations as they come due. These steps are referred to as the 2018 strategic steps and they include, but are not limited to:
The suspension of our lending business along with the implementation of other steps to reduce costs within our other operating businesses; and
The continuation of the process of selling our owned real estate (“REO”) portfolio and selling certain of our commercial real estate (“CRE”) loans, while continuing to service and manage our existing CRE loan portfolio.
Key progress related to our 2018 strategic steps include the following:
Asset Monetization Plan and Liquidity Position
As of June 27, 2018, RAIT’s year to date REO and CRE loan divestitures, totaled $182.7 million. After repayment of obligations secured by these assets and related transaction costs of $88.9 million, RAIT received net proceeds of approximately $93.8 million.
As summarized below, on June 27, 2018, a RAIT subsidiary (“RAIT IV”), sold (the “FL Sale”) its interests (the “FL5/6 Interests”) in joint ventures which held securities with a $61.2 million aggregate par amount in two floating rate securitizations, which RAIT has referred to as RAIT FL5 and RAIT FL6 in its public filings, to an affiliate (the “FL5/6 Purchaser”) of the other members of these joint ventures.
RAIT’s cash and cash equivalents balance as of June 27, 2018 was $73 million.
Debt Reductions
During 2018, RAIT repurchased $42.3 million of its outstanding 4% convertible senior notes, leaving $68.2 million outstanding. Additionally, during 2018, RAIT redeemed $2.0 million of its senior secured notes, leaving $9.5 million outstanding.
RAIT completes the FL Sale, the Preferred Redemption (as defined below) and the Preferred Exchange (as defined below)
As detailed in the Form 8-K filed on June 28, 2018, on June 27, 2018, RAIT and RAIT IV closed on (1) the redemption (the “Preferred Redemption”) of a portion of RAIT IV’s preferred units (the “Units”) held by an investor (the “Preferred Investor”), resulting in the cancellation of the linked RAIT Series D Preferred Shares (the “Series D Preferred Shares”) held by the Preferred Investor; and (2) the exchange (the “Preferred Exchange”) of the remaining Units and linked Series D Preferred Shares held by the Preferred Investor for newly issued shares of RAIT’s publically traded Series A, B and C Preferred Shares, resulting in the cancellation of all of the outstanding Units and linked Series D Preferred Shares. RAIT IV, which owned specified assets required to be held by RAIT IV under the Series D Documents (as defined below) to support the redemption of the Units and the Series D Preferred Shares, closed on its sale to the FL5/6 Purchaser of the FL5/6 Interests. As described below, the proceeds from the sale were used to redeem certain of the Units, which resulted in the cancellation of the Series D Preferred Shares linked to such Units. RAIT IV utilized approximately $54.6 million in net proceeds from FL Sale plus $2.2 million of other cash held by RAIT IV to redeem $56.8 million of the Units and the Series D Preferred Shares linked to such Units having an aggregate liquidation preference of $56.8 million. The remaining balance of the Units and Series D Preferred Shares, with an aggregate liquidation preference of $16.7 million, was exchanged for 383,147 RAIT Series A Preferred Shares, 167,828 RAIT Series B Preferred Shares and 117,605 RAIT Series C Preferred Shares, having an aggregate liquidation preference of $16.7 million.
Key effects of the transactions for RAIT include:
The resolution of the previously disclosed dispute between the Preferred Investor and RAIT and the termination of the previously disclosed securities purchase agreement related to the Series D Preferred Shares and Units and related documents governing the Series D Preferred Shares and Units (collectively, the “Series D Documents”) and the operating covenants therein;
The release back to RAIT from RAIT IV’s assets of the remaining $28.2 million par amount of assets held by RAIT IV as part of the assets supporting the redemption of the Units and cancellation of the linked Series D Preferred Shares, making these assets available for RAIT’s future liquidity needs; and
The reduction in the size of RAIT’s Board of Trustees (the “Board”) thru the resignation from the Board of the Preferred Investor’s designated Board member and another Board member with business relationships with the Preferred Investor.
Please see the Form-8K filed on June 28, 2018 for further details.
Michael Malter, RAIT’s Chairman of the Board said, “With the combination of our current cash balance of $73 million, $44 million of corporate recourse debt reductions and completion of transactions resulting in the cancellation of the Series D Preferred Shares, we believe RAIT has mitigated the most significant immediate risks it faced during the first half of 2018. At this time, we anticipate RAIT’s liquidity position will be sufficient to meet its 2018 financial obligations as we expect them to come due.”
About RAIT Financial Trust(RASF)
RAIT Financial Trust (RASF) is an internally-managed real estate investment trust focused on providing debt financing options to owners of commercial real estate throughout the United States. For more information, please visit www.rait.com or call Investor Relations at 215.207.2100.
View source version on businesswire.com:
Source: RAIT Financial Trust(RASF)
Copyright Business Wire 2018
RASF is Hyper Undervalued now --- $1.59 a share Huge Positive Book Value and $0.91 a share Huge Positive Cash Value v.s. it has been trading at ridiculous low price levels $0.11 ~ $0.083! $12.97 a share Huge Enterprise Value which is 151 Times of current joke low price!
RASF is also Hyper Oversold most recently --- 83.9% price crash from the most recent high $0.515 to the new low $0.083 within just a couple of months without any bad news at all! Easy to soar back to 0.31xx again based on its recent strong rally patterns...
RASF will surge 20-Bagger very soon based on its Huge Positive BV and Huge Positive CV alone!
Stock-Killers-World has spot 406 stock killers from 9000-Bagger to 2.2-Bagger since 03/05/2011
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