RAIT Financial Trust Floats New Stock Issue

RAIT Financial Trust has floated 7 million shares in an underwritten public issue. The REIT also expects to grant the underwriters a 30-day purchase option for an additional 1.05 million shares.

In the press release announcing the move, RAIT Financial Trust didn't specify the pricing of the offering.

The company said it plans to use its proceeds to "make investments relating to its business and for general corporate purposes." The SEC filing says the last reported sale price of the common shares was $8.02 per share.

Deutsche Bank's Securities unit and Barclays are the joint book-running managers of the issue.

The article RAIT Financial Trust Floats New Stock Issue originally appeared on Fool.com.

Fool contributor Eric Volkman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.