Vornado calls 6.625% preferreds, sets date for 2.5% note redemption

By Wendy Van Sickle

Columbus, Ohio, Dec. 13 – Vornado Realty LP called its remaining $120 million 6.625% series I cumulative redeemable preferred shares for redemption on Jan. 11 and set Dec. 27 as the date for its previously reported redemption of its $450 million of 2.5% senior notes due June 30, 2019, according to a press release.

The preferred shares will be redeemed at $25 apiece plus accrued dividends through the redemption date.

The notes will be redeemed at 100.82% of par plus accrued interest.

The note redemption will be funded using proceeds from a new issue of $450 million of 3.5% notes due 2025, as well as cash on hand, the company previously reported in a 424B5 filing with the Securities and Exchange Commission.

The real estate investment trust is based in New York.

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