Arbor Realty Trust (ABR) Prices 7.5M Share Offering at 19.70/sh
Arbor Realty Trust, Inc. (NYSE: ABR) announced today that it priced its public offering of 7,500,000 shares of common stock for total expected gross proceeds of approximately $147.8 million before underwriting discounts and commissions and expenses. The offering is subject to customary closing conditions and is expected to close on November 4, 2021.
The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,125,000 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 (i) 462,500 shares of its common stock from its Chief Executive Officer, Arbor Commercial Mortgage, LLC and/or estate planning family vehicles established by its Chief Executive Officer, (ii) 25,000 shares of its common stock from its Chief Financial Officer, (iii) 20,000 shares of its common stock from its Executive Vice President, Treasury and Servicing, (iv) 35,000 shares of its common stock from its Director and the Chief Operating Officer of Arbor Management, LLC, and (v) 20,000 shares of its common stock from its Executive Vice President, Structured Stabilization, at the same price the underwriters will purchase the shares in this offering. In the event the underwriters exercise their option to purchase additional shares of common stock, the Company intends to use the net proceeds to make investments related to its business and for general corporate purposes.
J.P. Morgan, JMP Securities and Raymond James are joint book-running managers for the offering.
The offering is being made pursuant to an effective automatic shelf registration statement, previously filed by the Company with the Securities and Exchange Commission (“SEC”). The offering of these securities is being made only by means of a prospectus. Copies of the final prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, by contacting J.P. Morgan Securities LLC, Attention: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at [email protected]; JMP Securities LLC, 600 Montgomery Street, 10th Floor, San Francisco, CA 94111, Attention: Prospectus Department, or by calling (415) 835-8985, or by email at [email protected]; or Raymond James & Associates, Inc., Attention: Syndicate, 880 Carillon Parkway St. Petersburg, FL 33716, by telephone at (800) 248-8863, or by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.