RAIT Financial Trust | 8.375% Series B Cumulative Redeemable Preferred Shares (RASFO)
Prospectus excerpt: We are offering 2,000,000 of our 8.375% Series B cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share. We will pay cumulative dividends on the Series B preferred shares from and including the date of original issuance in the amount of $2.09375 per share each year, which is equivalent to 8.375% of the $25.00 liquidation preference per share. Dividends will be payable quarterly in arrears. The initial dividend payment date for any Series B preferred share issued on or before December 1, 2004 shall be December 31, 2004 and the amount of the dividend payable on December 31, 2004 on any of these shares shall be calculated from the earliest date of original issuance of any Series B preferred share. The first dividend will be for less than a full quarter and pro rated accordingly. Holders of the Series B 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.
We may not redeem the Series B preferred shares before October 5, 2009, except to preserve our tax status as a real estate investment trust. On or after October 5, 2009, we may, at our option, redeem the Series B 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 B 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.
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RAIT Financial Trust is a real estate investment trust (REIT), focused on providing commercial real estate financing throughout the U.S. Co. also owns and manage a portfolio of commercial real estate properties and manage real estate assets for third parties. Co. is focus on its core CRE lending business line. Co. provides customized lending solutions to meet borrower needs and internal credit goals. Co. provides tailored middle-market financing solutions and a full complement of lending products for stabilized and light transition CRE. Co. also managed its own REO portfolio, managed third-party properties and assets. Preferreds: RASFP, RASFO, RASFN Open the RAS Information Page » |
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