Arnold & Porter Kaye Scholer Advises Astoria Financial on Sale of $200 Million of Senior Notes

Arnold & Porter Kaye Scholer advised Astoria Financial Corporation, the holding company for Astoria Bank, on the closing of its previously announced underwritten public offering of $200 million aggregate principal amount of 3.500% Senior Notes due in 2020. The Notes bear an interest rate of 3.500% per annum and were issued to the public at 100.00% of their face value.

Astoria Financial estimates that the net proceeds of the public offering will be approximately $197,800,00, after deducting underwriting discounts, commission, and estimated transaction expenses. Astoria Financial expects to use the net proceeds of the public offering to repay its 5.000% Senior Notes due June 19, 2017, and for general corporate purposes.

The Arnold & Porter Kaye Scholer team included Robert Azarow, Stephanie Nygard, Laurie Abramowitz, Kathleen Wechter, Marianna Shelenkova, Jessica Wilkins, and Reuven Graber.