RAIT Financial Trust has commenced a public offering of $100 million aggregate principal amount of convertible senior notes due 2031, Bloomberg reports. The company expects to grant the underwriter an option to purchase up to an additional $15 million aggregate principal amount of the notes. BofA Merrill Lynch is acting as the sole book-running manager for the offering. The structured financing provider intends to use the net proceeds to repay certain indebtedness and for general trust purposes, including working capital.
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