Published on 12/12/2017 in the Prospect News Investment Grade Daily.
New Issue: Vornado Realty prices $450 million 3.5% seven-year notes at 125 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Dec. 12 – Vornado Realty LP priced $450 million of 3.5% seven-year notes (Baa2/BBB/BBB) on Tuesday at 99.596 to yield 3.565%, or a spread of Treasuries plus 125 basis points, according to an FWP filed with the Securities and Exchange Commission.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Jefferies & Co., Barclays, BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, SG Americas Securities, LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC were the bookrunners.
Proceeds will be used with cash on hand to redeem all of the company’s $450 million of 2.5% senior notes due 2019.
Vornado is a real estate investment trust based in New York.
| Issuer: | Vornado Realty LP
|
| Amount: | $450 million
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| Description: | Notes
|
| Maturity: | Jan. 15, 2025
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| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Jefferies & Co., Barclays, BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, SG Americas Securities, LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
|
| Senior co-manager: | Loop Capital Markets, LLC
|
| Co-managers: | BB&T Capital Markets, Drexel Hamilton, LLC, Fifth Third Securities, Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC, Janney Montgomery Scott LLC, MUFG, Samuel A. Ramirez & Co., Inc. and Scotia Capital (USA) Inc.
|
| Coupon: | 3.5%
|
| Price: | 99.596
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| Yield: | 3.565%
|
| Spread: | Treasuries plus 125 bps
|
| Call features: | Make-whole call at greater of par and Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Dec. 12
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| Settlement date: | Dec. 27
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| Ratings: | Moody’s: Baa2
|
| S&P: BBB
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| Fitch: BBB
|
| Distribution: | SEC registered
|
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