Deal offers 6 million shares with a greenshoe of 900,000 more shares
By Devika Patel
Knoxville, Tenn., Sept. 24 - Arbor Realty Trust, Inc. said it priced a $42.48 million public offering of stock with a $6.37 million greenshoe. The offering was announced Monday.
The company will sell 6 million common shares at $7.08 per share. The price per share reflects a 3.01% discount to the Sept. 23 closing share price of $7.30.
Deutsche Bank Securities Inc. is the sole bookrunning manager.
Proceeds will be used to make investments, to repurchase or pay liabilities and for general corporate purposes.
Arbor Realty is a real estate investment trust based in Uniondale, N.Y., that invests in multi-family and commercial real estate-related bridge and mezzanine loans, preferred equity, discounted mortgage notes and mortgage-related securities.
| Issuer: | Arbor Realty Trust, Inc.
|
| Issue: | Common stock
|
| Amount: | $42.48 million
|
| Greenshoe: | $6,372,000
|
| Shares: | 6 million
|
| Price: | $7.08
|
| Warrants: | No
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Lead manager: | JMP Securities LLC
|
| Announcement date: | Sept. 23
|
| Pricing date: | Sept. 24
|
| Stock symbol: | NYSE: ABR
|
| Stock price: | $7.30 at close Sept. 23
|
| Market capitalization: | $296.34 million
|
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