Morning Commentary: Arbor Realty returning to market; Arbor Realty 2020 notes jump

By Rebecca Melvin

New York, July 17 – Arbor Realty Trust Inc. joined the deal calendar for the convertibles space on Tuesday with a $110 million offering of three-year convertibles expected to price later in the session.

The Uniondale, N.Y.-based real estate investment trust and national direct lender was last in the market just two weeks ago with a similar deal, and price talk on the new deal is the same as the last one.

Proceeds of the new paper will be used to exchange its existing 5.375% convertible notes due 2020 for cash and stock. Those notes jumped on the new issue news and were seen last at about 120 from about 114.5 previously, according to Trace data.

The new Arbor deal joins three other issues expected to price imminently, including CalAmp Corp.’s planned $200 million of seven-year convertible senior notes, Redfin Corp.’s planned $125 million of five-year convertible senior notes and a concurrent common stock offering and Encore Capital Group Inc.’s planned $150 million of exchangeable notes due 2023.

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