mREIT Arbor Realty Trust (ABR) has announced the pricing on their new fixed-to-floating rate perpetual preferred stock issue.
The company has sold 7 million shares with another 1.05 million available for over allotment with an initial coupon of 6.25%.
The official SEC pricing term sheet has not yet been filed (as of 6:20 pm central time).
Full details will be posted when they are available.
The company press release can be found here.
This FTF has a floor – floats to expected benchmark of 3-mo SOFR + spread of 5.442%, but minimum float of 6.125%.
From the FWP:
… and (ii) from and including October 30, 2026 (the “Floating Rate Period”), at a floating rate equal to a Benchmark rate, which is expected to be the Three-Month Term SOFR (as defined in the Preliminary Prospectus Supplement), plus a spread of 5.442% per annum of the $25.00 per share liquidation preference (the “Floating Rate”); provided, however, that in no event shall the Floating Rate be lower than 6.125% per annum.
Here is the FWP:
https://www.sec.gov/Archives/edgar/data/0001253986/000110465921122600/tm2128872d3_fwp.htm
Has anyone been able to buy this yet or see a quote?
Called TD and requested set up for this and Arbor. Nothing yet.
By the by, anybody gone down and checked in on Delaware Bob lately?
Thanks, Tim.
Temp ticker is ABRFV.
https://otce.finra.org/otce/dailyList?viewType=Additions
ABRFV
ARBOR RLTY TR INC 6.25% SER F FXD/FLTG RATE CUMULATIVE PFD STK Preferred Stock