UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): | July 14, 2010 |
RAIT Financial Trust
__________________________________________
(Exact name of registrant as specified in its charter)
Maryland | 1-14760 | 23-2919819 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
2929 Arch St., 17th Floor, Philadelphia, Pennsylvania | 19104 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | (215) 243-9000 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.02 Unregistered Sales of Equity Securities.
As of July 14, 2010, RAIT Financial Trust ("RAIT") entered into an exchange agreement with an existing holder of $10.0 million principal amount of RAIT’s 6.875% Convertible Senior Notes Due 2027 (the "Notes") pursuant to which RAIT agreed to exchange the following consideration for the Notes: (i) 3,325,000 RAIT common shares of beneficial interest, par value $0.01 per share (the "Common Shares"), (ii) a cash payment of $500,000 and (iii) accrued and unpaid interest on the Notes to, but excluding, the closing date, payable in cash. The transaction contemplated by the exchange agreement is scheduled to close July 19, 2010. At the closing, the Common Shares will be issued in exchange for the Notes pursuant to Section 3(a)(9) of the Securities Act of 1933.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RAIT Financial Trust | ||||
July 14, 2010 | By: |
/s/ Jack E. Salmon
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Name: Jack E. Salmon | ||||
Title: Chief Financial Officer and Treasurer |