RAIT Financial Announces Full Exercise of Underwriters Overallotment Option
RAIT Financial Trust (NYSE: RAS), announced today that the underwriters exercised, in full, the option related to RAIT's public offering of 9.0 million common shares that closed on December 21, 2012 and which raised net proceeds of $49.0 million for RAIT, after payment of the underwriting discount and estimated offering expenses. The option covers an additional 1,350,000 common shares and is expected to generate additional net proceeds of approximately $7.4 million. The option closing is scheduled for Wednesday, January 16, 2013. RAIT intends to use the additional net proceeds to make investments relating to its business and for general corporate purposes.
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