By Andrea Heisinger
New York, Nov. 30 - Vornado Realty LP priced $400 million of 5% 10-year notes on Wednesday to yield 300 basis points over Treasuries, a source close to the deal said.
The notes were priced in line with talk in the 300 bps area.
The notes (Baa2/BBB/BBB) were priced at 99.546 to yield 5.057%. They have a make-whole call at Treasuries plus 45 bps.
Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including repayment or repurchase of debt and for possible acquisitions.
The real estate investment trust is based in New York City.
| Issuer: | Vornado Realty LP
|
| Issue: | Notes
|
| Amount: | $400 million
|
| Maturity: | Jan. 15, 2022
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Coupon: | 5%
|
| Price: | 99.546
|
| Yield: | 5.057%
|
| Spread: | Treasuries plus 300 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Trade date: | Nov. 30
|
| Settlement date: | Dec. 7
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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