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.
J and af were right on top of this within 1 minute of each other in the Reader Initiated Alerts section.