RAIT Financial Trust (fka RASFQ)

[lloyd20]

RAIT offering $100 million in convertible notes
PHILADELPHIA (AP) — RAIT Financial Trust said Monday it is publicly offering $100 million in convertible senior notes due 2031.

The company expects to grant the underwriter an option to buy up to an additional $15 million in notes to cover overallotments. BofA Merrill Lynch is the sole book-running manager.

RAIT plans to use proceeds to repay debt and for general corporate purposes.

Shares of RAIT fell 22 cents, or 7 percent, to $2.94 in morning trading. The stock has traded between $1.30 and $4.75 over the last 52 weeks.