By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Sept. 13 – Vornado Realty Trust priced $300 million of 4.45% $25-par series O cumulative redeemable preferred shares, according to a news release.
A market source said earlier on Monday that size talk was at $200 million. Dividend talk was reportedly in the 4.625% area.
Dividends will be payable quarterly starting Jan. 1.
The perpetual shares are redeemable starting in 2026, at any time at par plus unpaid dividends.
The preferreds will be listed on the New York Stock Exchange as “VNOPrO.”
BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
Proceeds will be used for the redemption of the 5.7% series K cumulative redeemable preferred shares. Any remaining proceeds will be used for general business purposes.
Vornado is a New York-based real estate investment trust.
Issuer: | Vornado Realty Trust
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Description: | Series O cumulative redeemable preferred shares
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Amount: | $300 million, or 12 million shares
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Maturity: | Perpetual
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Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC
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Dividend: | 4.45%
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Price: | Par of $25.00
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Yield: | 4.45%
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Call: | On or after Sept. 22, 2026 at par
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Pricing date: | Sept. 13
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Settlement date: | Sept. 22
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Distribution: | SEC registered
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Price talk: | 4.625% area
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