The initial conversion rate of Arbor Realty Trust's (NYSE:ABR) $230M of 4.75% convertible senior notes due 2022 is 56.1695 shares of common stock per $1,000 principal amount.
The rate is equivalent to an initial conversion price of ~$17.80 per share of common stock, representing ~15% conversion premium based on the average VWAP of Arbor's common stock on Nov. 7 and Nov. 8 of $15.4811 per share.
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