Arbor Realty Trust Prices Share Issue
Mar 22nd 2013 5:48PM
Updated Mar 22nd 2013 5:52PM
Arbor Realty Trust has priced its upcoming stock issue. The company will sell the 5.625 million common shares it's floating at $8.00 apiece in the form of common stock in an underwritten public flotation. Additionally, the company's underwriters have been granted a 30-day purchase option for an additional 843,750 shares.
Arbor said it plans to use the proceeds of the offering for "investments, to repurchase or pay liabilities and for general corporate purposes."
Deutsche Bank's eponymous Securities unit is the sole book-running manager for the issue, while JMP Securities is its lead manager.
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