mREIT Arbor Realty Trust (ABR) has reopened their fixed-to-floating 6.25% preferred shares (ABR-F). The original issue is trading much lower today at $24.24.
The number of shares to be sold will not be known until tonight.
The original issue can be seen here.
The new preliminary prospectus can be seen here.
EarlyBird was right on this one.
Just to remind everyone, if all goes as expected, the floating rate will be linked to the Three Month SOFR published by the NY Federal Reserve.
I’m fishing at 22ish