RAIT Financial Trust (RAS) said late Tuesday it agreed to sell $100 million aggregate principal amount of its 7% Convertible Senior Notes due 2031 in an underwritten public offering. The conversion rate will initially be 390.1677 RAS common shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $2.56 per common share). The company granted the underwriters an option to purchase up to an additional $15 million aggregate principal amount of the Notes solely to cover overallotments. The company expects that the offering will be completed on March 21.