Arbor Realty Trust Reports Offering of Series A Cumulative Redeemable Preferred Stock
Arbor Realty Trust, Inc. (the "Company") (NYSE: ABR) announced today that it plans to make a public offering of an initial issuance of its Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock"). The Company will grant the underwriters a 30-day option to purchase additional shares of Series A Preferred Stock to cover over-allotments, if any. The Company intends to file an application to list the Series A Preferred Stock on the NYSE under the symbol "ABR PrA" and, if approved, expects trading to commence within 30 days after the initial issuance of the Series A Preferred Stock.
The Company intends to use the net proceeds from the offering to make investments, to repurchase or pay liabilities and for general corporate purposes.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.