Arbor Realty Trust issues $287.5M 7.50% convertible notes due 2025; repurchases 2022 notes

ARBOR REALTY TRUST INC

$287.5M aggregate principal (incl. $37.5M option) at 7.50% interest, semiannual, due August 1, 2025.
Conversion rate 59.8480 shares/$1,000 principal (~$16.71/share), ~10% premium to Aug 2 close.
Net proceeds ~$279.3M; used to repurchase outstanding $264M 4.75% convertible notes due 2022.
Holders may require repurchase at 100% principal plus accrued interest upon a fundamental change.

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