Arbor Realty Trust, Inc. Announces Pricing of Upsized Public Offering of Common Stock
December 09 2019 - 7:15PM
Arbor Realty Trust, Inc. (the “Company”) (NYSE: ABR) announced
today that it priced its public offering of 6,500,000 shares of
common stock for total expected gross proceeds of approximately
$91.9 million before underwriting discounts and commissions and
expenses. The offering was upsized from the previously announced
offering size of 6,000,000 shares. The offering is subject to
customary closing conditions and is expected to close on December
12, 2019.
The Company has also granted the underwriters a 30-day option to
purchase up to an additional 975,000 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 650,000
shares, or 747,500 shares if the underwriters exercise in full
their option to purchase additional shares, of the Company’s common
stock from its Chief Executive Officer, Arbor Commercial Mortgage,
LLC and/or 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, JMP Securities and Raymond James are joint
book-running managers for the offering.
The offering is being made pursuant to an effective 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 prospectus-eq_fi@jpmchase.com; JMP Securities
LLC, 600 Montgomery Street, 10th Floor, San Francisco, CA 94111,
Attention: Prospectus Department, or by calling (415) 835-8985; or
Raymond James & Associates, Inc., Attention: Syndicate, 880
Carillon Parkway St. Petersburg, FL 33716, by telephone at (800)
248-8863, or by email at prospectus@raymondjames.com.
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.
About Arbor Realty Trust, Inc.
Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate
investment trust and direct lender, providing loan origination and
servicing for multifamily, seniors housing, healthcare and other
diverse commercial real estate assets. Headquartered in New York,
Arbor manages a multibillion-dollar servicing portfolio,
specializing in government-sponsored enterprise products. Arbor is
a Fannie Mae DUS® lender and Freddie Mac Optigo Seller/Servicer.
Arbor’s product platform also includes CMBS, bridge, mezzanine and
preferred equity lending.
Safe Harbor Statement
Certain items in this press release may constitute
forward-looking statements within the meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements relating to the
completion of the proposed offering and the anticipated gross
proceeds and use of the net proceeds from the offering. 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, risks and
uncertainties related to the completion of the offering on the
anticipated terms or at all, market conditions, the satisfaction of
customary closing conditions related to the offering, and other
risks detailed in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2018 and its other reports filed with the
SEC. 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.
Contacts:Arbor Realty Trust, Inc.Paul Elenio, Chief Financial
Officer 516-506-4422 pelenio@arbor.com |
Investors:The Ruth GroupAlexander
Lobo646-536-7037alobo@theruthgroup.com |
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Media:Bonnie Habyan, Chief
Marketing Officer516-506-4615bhabyan@arbor.com |
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