Arbor Realty Trust,Inc. (NYSE:ABR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive
Agreement
On May10, 2017, Arbor Realty Trust,Inc. (the Company) entered
into an underwriting agreement (the Underwriting Agreement),
among the Company, Arbor Realty Limited Partnership and J.P.
Morgan Securities LLC, Deutsche Bank Securities Inc. and JMP
Securities LLC, as underwriters (the Underwriters), for the
issuance and sale by the Company of 9,500,000 shares of its
common stock, par value $0.01 per share (the Common Stock). The
Underwriters agreed to purchase the Common Stock from the Company
at a price of $8.05 per share, resulting in approximately
$76,225,000 of total net proceeds, after deducting the estimated
expenses of this offering, to the Company. In addition, the
Company granted the Underwriters an option for 30 days to
purchase up to an additional 1,425,000 shares of Common Stock.
The Underwriting Agreement includes customary representations,
warranties, covenants and closing conditions. It also provides
for customary indemnification by each of the Company and certain
affiliated entities and the Underwriters against certain
liabilities and customary contribution provisions in respect of
those liabilities. The transaction contemplated by the
Underwriting Agreement closed on May16, 2017.
The offering and sale of Common Stock were made to a preliminary
prospectus supplement and final prospectus supplement related to
the Companys effective shelf registration statement on FormS-3
(File No.333-212554), each of which has been filed with the
Securities and Exchange Commission. A copy of the Underwriting
Agreement is filed as Exhibit1.1 hereto and incorporated herein
by reference. The foregoing summary does not purport to be
complete and is qualified in its entirety by reference to the
Underwriting Agreement. The legal opinion of Venable LLP relating
to the legality of the Common Stock is attached as Exhibit5.1 to
this Current Report on Form8-K.
Item 9.01 Financial Statements and
Exhibits
(d) Exhibits
ExhibitNumber |
|
Exhibit |
1.1 |
Underwriting Agreement, dated May10, 2017, by and among |
|
5.1 |
Opinion of Venable LLP |
|
23.1 |
Consent of Venable LLP (included in Exhibit5.1) |
About Arbor Realty Trust, Inc. (NYSE:ABR)
Arbor Realty Trust, Inc. is a real estate investment trust. The Company invests in a portfolio of structured finance assets in the multifamily and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages, preferred and direct equity. Its segments include Structured Business and Agency Business. In addition, the Company may also directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. It focuses on investment types, such as Bridge Financing, Mezzanine Financing, Junior Participation Financing and Preferred Equity Investments. It offers bridge financing products to borrowers, typically seeking short-term capital to use in an acquisition of property. It offers mezzanine financing in the form of loans that are subordinate to a conventional first mortgage loan and senior to the borrower’s equity in a transaction. Arbor Realty Trust, Inc. (NYSE:ABR) Recent Trading Information
Arbor Realty Trust, Inc. (NYSE:ABR) closed its last trading session down -0.07 at 7.95 with 1,155,614 shares trading hands.