By William Gullotti
Buffalo, N.Y., March 17 – Arbor Realty Trust, Inc. subsidiary Arbor Realty SR, Inc. closed a $95 million private placement of 7.75% senior notes due 2026, according to a press release on Friday.
The notes were issued by the subsidiary and are fully and unconditionally guaranteed by the parent.
Piper Sandler & Co. was the placement agent.
Proceeds will be used to redeem the parent company’s outstanding $70.75 million 8% senior notes due April 2023. Any remaining proceeds will be used for general corporate purposes.
Arbor Realty is a Uniondale, N.Y.-based real estate investment trust and national direct lender.
| Issuer: | Arbor Realty SR, Inc.
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| Guarantor: | Arbor Realty Trust, Inc.
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| Issue: | Senior notes
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| Amount: | $95 million
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| Maturity: | March 30, 2026
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| Placement agent: | Piper Sandler & Co.
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| Coupon: | 7.75%
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| Announcement date: | March 17
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| Distribution: | Private placement
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