Arbor Realty Trust (ABR) has announced they will be selling a new issue of fixed-to-floating rate preferred stock.
The company currently has 2 fixed rate preferred outstanding with fixed rate coupons of 6.25% and 6.375% which can be seen here. Neither of these issues are currently redeemable so the proceeds of the new issue will be used for ‘general corporate uses’.
Being a REIT dividends will be cumulative, but non qualified.
The preliminary prospectus can be seen here.
J and af were right on top of this within 1 minute of each other in the Reader Initiated Alerts section.
2 thoughts on “Commercial mREIT Arbor Realty Trust to Sell New Fixed-to-Floating Preferred Issue”
Arbor Realty Trust, Inc. (NYSE: ABR)
Security: Fixed-to-Floating Series F Cumulative Redeemable Preferred Stock
6.125% to 6.25% (fixed for 5 years, then floating at a fixed spread to 3-Month Term SOFR)
The fixed rate is 6.25% but I can’t find what the floating rate will be.