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Arbor Realty Trust Plans $300 Million Private Offering of Convertible Notes

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Arbor Realty Trust (ABR) plans to offer $300 million of convertible senior notes due 2029 in a private placement.

Initial purchasers will have a 13-day option to buy up to an additional $45 million of the notes, the company said Tuesday in a statement.

Arbor Realty expects to use up to $130 million of the net proceeds to repurchase shares. It also plans to use a portion of the proceeds, along with cash on hand, to redeem its $270 million of 4.5% senior notes due Sept. 1. Any remaining proceeds will be used for general corporate purposes.

Arbor Realty shares fell 3.8% in after-hours trading.

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