Loan & DebtJun 30, 2026, 09:19 PM
Arbor Realty Trust Prices Upsized $325M Convertible Senior Notes
AI Summary
Arbor Realty Trust priced an upsized offering of $325 million aggregate principal amount of 6.25% Convertible Senior Notes due 2029 in a private placement. The offering was increased from the previously announced $300 million, with an option for initial purchasers to buy an additional $50 million. Proceeds will be used to repurchase approximately $11.6 million of common stock concurrently, repurchase $102.7 million of shares via a prepaid forward transaction, and redeem $270 million of 4.50% Senior Notes due September 2026, with any remainder for general corporate purposes.
Key Highlights
- Priced upsized offering of $325 million 6.25% Convertible Senior Notes due 2029.
- Offering increased from previously announced $300 million aggregate principal amount.
- Initial purchasers have a 13-day option to buy up to an additional $50 million in Notes.
- Notes have an initial conversion price of approximately $6.10 per share.
- Intends to repurchase approximately $11.6 million of common stock concurrently.
- Will repurchase approximately $102.7 million of common stock via a prepaid forward transaction.
- Will redeem $270 million of 4.50% Senior Notes due September 1, 2026.
Price Impact
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