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Public Offering of 7.375% Senior Notes due 2021
Arbor Realty Trust, Inc. (NYSE:ABR) announced today that it has priced its public offering of $35.0 million aggregate principal amount of its 7.375% Senior Notes due 2021 for gross proceeds of $33.88 million.
The offering was made pursuant to a reopening of its existing series of such notes. The Company granted the underwriters a 30-day option to purchase up to an additional $5.25 million aggregate principal amount of notes to cover over-allotments, if any.
The Existing Notes are listed on the NYSE under the symbol “ABRN” and the Company intends to file an application to list the Additional Notes on the NYSE under the same symbol.
The Additional Notes will be senior unsecured obligations of the Company and will pay interest quarterly on February 15, May 15, August 15 and November 15 of each year beginning November 15, 2014, at an annual interest rate of 7.375%, and will mature on May 15, 2021 unless earlier redeemed or repurchased. The Company will issue the Additional Notes in denominations of $25 and integral multiples of $25 in excess thereof.
The net proceeds to the Company from this offering, after deducting underwriting discounts and estimated offering expenses, will be approximately $32.50 million (assuming no exercise by the underwriters of their option to purchase additional notes). The Company intends to use the net proceeds from the offering to make investments, to repurchase or pay liabilities and for general corporate purposes.
Deutsche Bank Securities Inc., Keefe, Bruyette & Woods, Inc. and MLV & Co. LLC are serving as joint book-running managers for the offering. JMP Securities LLC and Ladenburg Thalmann & Co. Inc. are serving as co-managers for the offering.
