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Rait Preferred Fd II (IRSH)

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Friday 12 October, 2018

Rait Preferred Fd II

Notice of Auction Results

RNS Number : 8584D
Rait Preferred Funding II Ltd
12 October 2018


Corporate Trust Services

9062 Old Annapolis Road

Columbia, MD 21045-1951

MAC: R1204-010








To:       The Parties listed on Schedule A hereto.

Reference is made to that certain Indenture dated as of June 7, 2007 (as amended, modified or supplemented, the "Indenture") among RAIT PREFERRED FUNDING II, LTD., as Issuer (the "Issuer"), RAIT PREFERRED FUNDING II, LLC, as Co-Issuer (the "Co Issuer," and together with the Issuer, the "Co-Issuers"), WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee (the "Trustee"), Paying Agent, Calculation Agent, Transfer Agent, Custodian, Backup Advancing Agent and Note Registrar and RAIT PARTNERSHIP, L.P., as advancing agent (the "Advancing Agent").  Capitalized terms used herein without definition shall have the meanings given to such terms in the Indenture.

            I.          Notice to Nominees and Custodians.


            If you act as or hold Notes or Preference Shares as a nominee or custodian for or on behalf of other persons, please transmit this notice immediately to the beneficial owner of such Notes or Preference Shares or such other representative who is authorized to take actions.  Your failure to act promptly in compliance with this paragraph may impair the chance of the beneficial owners on whose behalf you act to take any appropriate actions concerning the matters described in this notice.


            II.        Notice of Results of Auction Conducted Pursuant to Section 9.7 of the Indenture and Withdrawal of Notice of Auction Call Redemption.


            Reference is further made to that certain Notice of Auction to be Conducted Pursuant to Section 9.7 of the Indenture and Notice of Potential Auction Call Redemption (the "Notice of Auction Call Redemption") dated as of September 13, 2018.


            Notice is hereby given that an Auction was conducted in accordance with Sections 9.7 and Schedule D of the Indenture (the "October 2018 Auction Date").  The Trustee was unable to sell the Collateral Assets on the October 2018 Auction Date because it did not receive bids that would result in a cash purchase price for the Collateral Assets which, together with the balance of all Eligible Investments and Cash in the Accounts (other than the Hedge Counterparty Collateral Account), would at least equal to the Total Senior Redemption Amount. Consequently, the Notice of Auction Call Redemption is rescinded and an Auction Call Redemption will NOT occur on the October 25, 2018 Distribution Date.


            You are further notified that pursuant to Section 9.7 of the Indenture, the Trustee shall conduct an Auction prior to each Distribution Date unless the Notes are redeemed in full prior to the next succeeding Auction Date.


            You may direct questions to the attention of Bill Wood by telephone at (410) 884-2042, by e-mail at [email protected], or by mail addressed to Wells Fargo Bank, National Association, Corporate Trust Services, Attn: Bill Wood, MAC: R1204-010, 9062 Old Annapolis Road, Columbia, MD 21045.  The Trustee may conclude that a specific response to particular inquiries from individual Holders is not consistent with equal and full dissemination of material information to all Holders.  Holders of Notes or Preference Shares should not rely on the Trustee as their sole source of information. The Trustee makes no recommendations and gives no investment advice herein or as to the Notes or Preference Shares generally.


Dated: October 11, 2018                                

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee and Preference Share Paying Agent 

Schedule A

Holders of Notes and Preference Shares:*









RAIT Preferred Funding II, Ltd.

c/o Walkers SPV Limited

Walker House

87 Mary Street, George Town

Grand Cayman KY1-9002

Cayman Islands

Attention: The Directors



RAIT Preferred Funding II, LLC

Corporation Service Company

251 Little Falls Drive

Wilmington, Delaware 19808


Collateral Manager:

RAIT Partnership, L.P.

Two Logan Square

100 N. 18th Street, 23rd Floor

Philadelphia, Pennsylvania 19103

Irish Stock Exchange:

Irish Stock Exchange Limited

Company Announcements Office

28 Anglesea Street

Dublin 2, Ireland


Irish Paying Agent:

Custom House Administration and Corporate Services Limited

25 Eden Quay

Dublin 1 Ireland


Rating Agencies:

S&P Global Ratings

55 Water Street, 41st Floor

New York, New York 10041-0003

Attn:  CDO Surveillance

[email protected]


Moody's Investors Service

7 World Trade Center

250 Greenwich Street

New York, New York 10007

Attn: CMBS Surveillance

[email protected]




*  The Trustee shall not be responsible for the use of the CUSIP, CINS, ISIN or Common Code numbers selected, nor is any representation made as to their correctness indicated in the notice or as printed on any Note. The numbers are included solely for the convenience of the Holders. 





This announcement has been issued through the Companies Announcement Service of Euronext Dublin.





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