UNIONDALE, N.Y., May 7, 2014 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (the "Company") (NYSE:ABR) announced today that it has priced its public offering of $55.0 million aggregate principal amount of 7.375% Senior Notes due 2021 (the "Notes"). The Company granted the underwriters a 30-day option to purchase up to an additional $8.25 million aggregate principal amount of the Notes to cover over-allotments, if any. The Company intends to file an application to list the Notes on the NYSE under the symbol "ABRN" and, if approved, expects trading to commence within 30 days after the initial issuance of the Notes.
The Notes will be senior unsecured obligations of the Company and will pay interest quarterly on February 15, May 15, August 15 and November 15 of each year beginning August 15, 2014, at an annual interest rate of 7.375%, and will mature on May 15, 2021 unless earlier redeemed or repurchased. The Company will issue the Notes in denominations of $25 and integral multiples of $25 in excess thereof.
The net proceeds to the Company from this offering, after deducting underwriting discounts and estimated offering expenses, will be approximately $52.9 million (assuming no exercise by the underwriters of their option to purchase additional Notes). The Company intends to use the net proceeds from the offering to make investments, to repurchase or pay liabilities and for general corporate purposes.
Deutsche Bank Securities Inc., Keefe, Bruyette & Woods, Inc. and MLV & Co. LLC will serve as joint book-running managers for the offering. Credit Suisse Securities (USA) LLC will serve as senior co-manager for the offering. JMP Securities LLC and Ladenburg Thalmann & Co. Inc. will serve as co-managers for the offering.
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.
The offering will be made pursuant to the Company's existing effective shelf registration statement, previously filed with the Securities and Exchange Commission. The offering of these securities will be made only by means of a prospectus and related prospectus supplement. When available, copies of the prospectus and accompanying preliminary prospectus supplement relating to these securities may be obtained by contacting Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, New York 10005-2836, Email: prospectus.CPDG@db.com, Telephone: (800) 503-4611; Keefe, Bruyette & Woods, Inc., Attn: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, or by calling (855) 300-7136; and MLV & Co. LLC, Attn: Randy Billhardt, Email: rbillhardt@mlvco.com, Telephone: (212) 542-5882.
About Arbor Realty Trust, Inc.
Arbor Realty Trust, Inc. is a real estate investment trust, which invests in a diversified portfolio of multi-family and commercial real estate related bridge and mezzanine loans, preferred equity investments, mortgage related securities and other real estate related assets. Arbor is externally managed and advised by Arbor Commercial Mortgage, LLC, a national commercial real estate finance company operating through 14 offices in the U.S. that specializes in debt and equity financing for multi-family and commercial real estate.
Safe Harbor Statement
Certain statements in this press release, including with regard to the Company's securities offering and contemplated use of proceeds, may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, continued ability to source new investments, changes in interest rates and/or credit spreads, changes in the real estate and capital markets, and other risks detailed in the prospectus supplement relating to the offering and the documents incorporated by reference therein, including the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and its other reports filed with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
CONTACT: Arbor Realty Trust, Inc.
Paul Elenio, Chief Financial Officer
516-506-4422
pelenio@arbor.com
Media:
Bonnie Habyan, SVP of Marketing
516-506-4615
bhabyan@arbor.com
Investors:
Stephanie Carrington
The Ruth Group
646-536-7017
scarrington@theruthgroup.com
Arbor Realty Trust
