By Andrea Heisinger
New York, Sept. 23 - Vornado Realty, LP sold $400 million of 7.875% 30-year senior unsecured public income notes Wednesday at $25 each, according to a press release and an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB/BBB) are callable on or after Oct. 1, 2014 at par plus accrued interest. Interest is payable quarterly.
The deal has an over-allotment option of $60 million in notes, to be used within 30 days.
Bookrunners were Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., UBS Investment Bank and Wells Fargo Securities.
Co-managers were Deutsche Bank Securities Inc., Goldman Sachs & Co. and RBC Capital Markets Corp.
Proceeds will be used for general corporate purposes, including repayment of debt and acquisitions.
The operating arm and issuer for real estate investment trust Vornado Realty Trust is based in New York City.
| Issuer: | Vornado Realty, LP
|
| Issue: | Senior unsecured public income notes
|
| Amount: | $400 million
|
| Greenshoe: | $60 million, used within 30 days
|
| Maturity: | Oct. 1, 2039
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., UBS Investment Bank, Wells Fargo Securities
|
| Co-managers: | Deutsche Bank Securities Inc., Goldman Sachs & Co., RBC Capital Markets Corp.
|
| Coupon: | 7.875%
|
| Price: | Par of $25
|
| Yield: | 7.875%
|
| Call: | On or after Oct. 1, 2014 at par plus interest
|
| Trade date: | Sept. 23
|
| Settlement date: | Sept. 30
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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