Vornado Realty accepts tenders for 49.69% of 3.625% convertibles, 54.48% of 2.85% convertibles

By Jennifer Chiou

New York, Oct. 1 - Vornado Realty Trust announced the close of its cash tender offers for any and all of its $382,046,000 of 3.625% convertible senior debentures due 2026 and its $22,479,000 of 2.85% convertible senior debentures due 2027, which are all guaranteed by Vornado Realty LP.

The company accepted tenders for $189,827,000, or 49.69%, of the 3.625% debentures and $12,246,000, or 54.48%, of the 2.85% debentures.

The tender offers expired at midnight ET on Sept. 30.

The securities were purchased at $1,020 per $1,000 principal amount of 2026 debentures and $1,015 per $1,000 principal amount of 2027 debentures, plus accrued interest up to but excluding the purchase date. All in all, the company paid a purchase price, exclusive of accrued interest, of $206,053,230.

Vornado paid for all of the purchased convertibles from available cash received from Vornado Realty LP.

Goldman Sachs & Co. (800 828-3182) was the dealer manager, and Global Bondholder Services Corp. (212 430-3774 or 866 470-3900) was the information agent for the tender offers.

Vornado Realty is a New York-based equity real estate investment trust.

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