ABR priced their new fixed to floating rate preferred with an initial coupon of 6.25%.
On 10/30/2026 the rate changes to SOFR plus a spread of 5.442%, although there is a 6.125% floor to the coupon (can’t be reset below).
The issue trades immediately under ticker ABRFV
The pricing term sheet can be read here.
Does anyone know if Arbor paid their preferred dividends during the banking crisis? I do know they suspended the dividend on the common.
thanks,
Dan
Yes, they paid the dividends on the Series C on time.
Abrfv trading on Merrill and vanguard
What is the rate after 2026? SOFR + ?
Tim wrote in the headnote that the float rate is SOFR + 5.442%
At 7:40am PT, OTC Markets says,
“Warning! This security is traded on the Expert Market
The Expert MarketSM serves broker-dealer pricing and investor best execution needs. Quotations in Expert Market securities are restricted from public viewing. OTC Markets Group may designate securities for quoting on the Expert Market when it is not able to confirm that the company is making current information publicly available under SEC Rule 15c2-11, or when the security is otherwise restricted from public quoting. “
This is BS–I haven’t checked etrade and fido yet.
Uh oh! An expletive grenade! LOL
2WR–BS will pass the system–but some full spelling ‘cuss words’ won’t get through.
TD broker, “closing transactions only.”
Me, “Uhhh, there haven’t been ANY OPENING transactions”
“Dhooope!”
Looks like we are leaning into a control-market?
Joe–haha–I think we are being bent over–maybe the big folks complained we were getting all the good pricing.
“Delinquent SEC Reporting” – but not Pink
The other two ABR’s are fine, must be they missed something on the new one?
Hope so.
Rate is fixed until 2026 (not 2021).
What is the rate after 2026? SOFR + ?
SOFR plus 5.442% subject to a 6.125% minimum.
Thanks Hugo–fixed