Published on 10/11/2022 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Arbor Realty settles $150 million 8.5% notes due 2027
By Wendy Van Sickle
Columbus, Ohio, Oct. 11 – Arbor Realty Trust, Inc. subsidiary Arbor Realty SR, Inc. completed a $150 million sale of 8.5% senior notes due 2027 on Oct. 17, according to an 8-K filed with the Securities and Exchange Commission and a press release.
The notes were offered under Rule 144A and Regulation S.
Piper Sandler & Co. was the underwriter.
Proceeds were used to repurchase $46 million of Arbor’s outstanding 5.625% senior notes due 2023 in privately negotiated transactions and the remainder 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: | $150 million
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Maturity: | Oct. 15, 2027
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Underwriter: | Piper Sandler & Co.
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Coupon: | 8.5%
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Call: | Make-whole call at Treasuries plus 50 bps before July 15, 2027, then at par
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Pricing date: | Oct. 6
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Settlement date: | Oct. 11
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Distribution: | Rule 144A and Regulation S
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Cusip: | 03881NAC1, 03881NAD9, U0409AAA9
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Trustee: | UMB Bank, NA
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