Arbor Realty Trust (ABR) Announces Proposed 8M Share Common Offering
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Arbor Realty Trust, Inc. (NYSE: ABR) announced today that it plans to make a public offering of 8,000,000 shares of its common stock. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of its common stock.
The Company intends to use the net proceeds from the offering to make investments relating to its business and for general corporate purposes. The Company also intends to use a portion of the net proceeds from this offering to purchase an aggregate of 800,000 shares of the Company’s common stock from its Chief Executive Officer, Arbor Commercial Mortgage, LLC and an estate planning family vehicle established by the Company’s Chief Executive Officer, at the same price the underwriters will purchase the shares in this offering.
J.P. Morgan and JMP Securities are joint book-running managers for the offering.
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