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Vornado to price $25-par cumulative redeemable series O preferreds; price talk emerges
By Cristal Cody
Chicago, Sept. 13 – Vornado Realty Trust plans to price an offering of $25-par series O cumulative redeemable preferred shares, according to a 424B5 filing with the Securities and Exchange Commission.
A market source noted that size talk is at $200 million. Dividend talk is reportedly in the 4.625% area.
Dividends will be payable quarterly starting Jan. 1.
The perpetual shares are redeemable starting in 2026, at any time at par plus unpaid dividends.
The preferreds will be listed on the New York Stock Exchange as “VNOPrO.”
BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
Proceeds will be used for the redemption of the 5.7% series K cumulative redeemable preferred shares. Any remaining proceeds will be used for general business purposes.
Sullivan & Cromwell LLP advised the issuer. Skadden, Arps, Slate, Meagher & Flom LLP advised the underwriters. Venable LLP was consulted by both the issuer and the underwriters regarding Maryland law.
Vornado is a New York-based real estate investment trust.
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