Arbor Realty Trust (ABR) has priced their new preferred stock issue.
The issue prices at 6.25% for 5 million shares with another 750,000 available for over allotments.
The shares are cumulative, but non qualified and have the typical optional redemption date about 5 years from issuance (8/11/2026).
This issue trades immediately under OTC grey market ticker ABREV. Look for a potential change in this ticker.
The pricing term sheet can be read here.
Price slowly drifting down. ABR-D holding up so I see no cause for concern. I bought more.
Same here but I didn’t enjoy it. 😉
Thanks for the info Tim!!!
I appreciate the very timely information that you and your compadres provide.
I bought a little ABREV at today’s low…
Cheers
KJN
FYI… 8/6/2021 after the end of the trading day…
Schwab indicated that I bought ABREV but did not add it to my account, nor did they charge my account, saying I will own it “when issued”…
I hope this get cleared up on Monday
8/9/2021 Name changed to ABREP
Just bought some to possibly flip also. Got it at $25.12. Close enough to par that I could hold it longer also. The 6.25% may look real nice in the near future the way things have been happening recently.
Hi, everyone
Is this one good deal ?
Leo,
I am buying to flip this issue.
I reckon if the 6.375 % D ISSUE is trading at 25.66 and yielding just pennies more than the E issue (at earliest call date), then price wise, the E should be at 25.45 in 2-3 weeks.
So, I’m just looking to make 1% at the minimum.
Thanks Newman