Arbor Realty Trust Prices Upsized $325M Convertible Note Offering at 6.25%
ABR is trading near its 52-week low of $4.991 (7.2% above the low).
Summary
Arbor Realty Trust has priced an upsized offering of $325 million in 6.25% convertible senior notes due 2029. This follows yesterday's announcement of a proposed $300 million offering. The capital raise is significant, representing approximately one-third of the company's market capitalization. This financing provides crucial liquidity, especially after the company reported a Q1 EPS miss and a dividend cut in May.
At the time of this announcement, ABR was trading at $5.35 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1B. The 52-week trading range was $4.99 to $12.58. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Reuters.