Loan & DebtJul 1, 2026, 04:07 PM
Arbor Realty Prices $325M Convertible Senior Notes Due 2029
AI Summary
Arbor Realty Trust, Inc. priced an upsized offering of $325 million aggregate principal amount of 6.25% Convertible Senior Notes due 2029 in a private placement. The company intends to use the proceeds to repurchase approximately $11.6 million of its common stock concurrently with the offering and an additional $102.7 million of common stock through a prepaid forward transaction. A portion of the proceeds will also be used to redeem its outstanding $270 million of 4.50% Senior Notes due September 1, 2026, with any remaining funds allocated for general corporate purposes.
Key Highlights
- Priced $325 million aggregate principal amount of 6.25% Convertible Senior Notes due 2029.
- Offering upsized from previously announced $300 million.
- Initial conversion price of approximately $6.10 per share, a 12.5% premium.
- Repurchase 2.1 million common shares for $11.6 million concurrently with pricing.
- Repurchase approximately $102.7 million of common shares via a prepaid forward transaction.
- Redeem $270 million of 4.50% Senior Notes due September 1, 2026.
- Remaining proceeds from the offering will be used for general corporate purposes.
Price Impact
More from ABR