Published on 5/13/2021 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Vornado Realty prices $750 million green notes in two parts due 2026 and 2031
By Wendy Van Sickle
Columbus, Ohio, May 13 – Vornado Realty LP priced $750 million of green notes in two tranches due 2026 and 2031 (Baa2/BBB-/BBB) on Thursday, according to a 424B5 filing with the Securities and Exchange Commission.
The company priced $400 million of 2.15% five-year notes at 99.863 to yield 2.179%, or a spread of Treasuries plus 135 basis points.
The issuer sold $350 million of 3.4% 10-year notes at 99.587 to yield 3.499%, or a spread of Treasuries plus 180 bps.
The notes feature a make-whole call and then a par call.
Citigroup Global Markets Inc., BMO Capital Markets Corp., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and U.S. Bancorp Investments, Inc. are the bookrunners.
Proceeds will be used for general eligible green projects.
The real estate investment trust is based in New York.
| Issuer: | Vornado Realty LP
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| Issue: | Green notes
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| Amount: | $750 million
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| Bookrunners: | Citigroup Global Markets Inc., BMO Capital Markets Corp., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and U.S. Bancorp Investments, Inc.
|
| Co-managers: | Academy Securities, Inc., BNY Mellon Capital Markets, LLC, Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., LLC, HSBC Securities (USA) Inc., ING Financial Markets LLC, Loop Capital Markets LLC, R. Seelaus & Co., LLC, Samuel A. Ramirez & Co., Inc., Scotia Capital (USA) Inc. and SG Americas Securities LLC
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| Pricing date: | May 13
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| Settlement date: | May 24
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| Ratings: | Moody’s: Baa2
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| S&P: BBB-
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| Fitch: BBB
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| Distribution: | SEC registered
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|
|
| Five-year notes
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| Amount: | $400 million
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| Maturity: | June 1, 2026
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| Coupon: | 2.15%
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| Price: | 99.863
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| Yield: | 2.179%
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| Spread: | Treasuries plus 135 bps
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| Call: | At Treasuries plus 20 bps until May 1, 2026, par call thereafter
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|
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| 10-year notes
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| Amount: | $350 million
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| Maturity: | June 1, 2031
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| Coupon: | 3.4%
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| Price: | 99.587
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| Yield: | 3.449%
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| Spread: | Treasuries plus 180 bps
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| Call: | At Treasuries plus 30 bps until March 1, 2031, par call thereafter
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