Published on 6/9/2014 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Vornado Realty prices upsized $450 million 2.5% five-year notes at 90 bps spread
By Aleesia Forni
Virginia Beach, June 9 – Vornado Realty LP priced an upsized $450 million of 2.5% five-year senior notes with a spread of Treasuries plus 90 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.
The notes (Baa2/BBB/) priced at 99.619 to yield 2.581%.
BofA Merrill Lynch, Deutsche Bank Securities Inc., UBS Securities LLC, Barclays, RBS Securities Inc. and Wells Fargo Securities, LLC were the joint bookrunners.
Proceeds will be used to fund eligible green projects, including the development and redevelopment of such projects.
The real estate investment trust is based in New York City.
| Issuer: | Vornado Realty LP
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| Issue: | Notes
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| Amount: | $450 million, upsized from $300 million
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| Maturity: | June 30, 2019
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| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc., UBS Securities LLC, Barclays, RBS Securities Inc., Wells Fargo Securities, LLC
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| Senior co-managers: | BNY Mellon Capital Markets, LLC, Credit Agricole, Credit Suisse Securities (USA) LLC, Mitsubishi UFJ Securities (USA), Inc., PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc.
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| Co-managers: | BB&T Capital Markets, BBVA Securities Inc., Capital One Securities, | Inc., Drexel Hamilton, LLC, Fifth Third Securities, Inc., HSBC Securities (USA) Inc., Santander Investment Securities Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC
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| Coupon: | 2.5%
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| Price: | 99.619
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| Yield: | 2.581%
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| Spread: | Treasuries plus 90 bps
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| Call: | Make-whole at Treasuries plus 15 bps prior to May 30, 2019, then callable at par
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| Trade date: | June 9
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| Settlement date: | June 16
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| Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB
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| Price talk: | Treasuries plus 95 bps area
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