Shares were priced at a liquidation preference of $25 a share. The lead managing underwriter is Friedman, Billings, Ramsey & Co., which is based in Arlington, VA. Co-managers are Minneapolis-based Piper Jaffray & Co. and Stifle, Nicolaus & Co., which is based in St. Louis.
This is the specialty financial REIT's second public offering of preferred shares this year. In April it gained net proceeds of approximately nearly $67 million from an offering of 7.75% Series A shares. RAIT trades on the NYSE as RAS, and its common stock opened trading on November 1 at $26.82 a share.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.