Arbor prices offering of 5.6M shares at $8 each
UNIONDALE, N.Y. (AP) — Arbor Realty Trust Inc., which invests in real estate loans and related assets, on Friday priced a public offering of 5.6 million shares of common stock at $8 each.
The price represents a 3 percent discount to the Uniondale, N.Y-based company's Thursday closing stock price. Arbor shares fell 53 cents, or 6.4 percent, to $7.70 in morning trading.
Arbor also granted the offering's underwriter — Deutsche Bank Securities Inc. — a 30-day option to buy up to an additional 843,750 shares of common stock.
The company said it plans to use the net proceeds from the offering to make investments, pay off debt and for general corporate purposes.