By Andrea Heisinger
New York, March 23 - Vornado Realty LP sold $500 million of 4.25% five-year unsecured notes on Tuesday to yield Treasuries plus 187.5 basis points, an informed source said.
The notes were priced in line with guidance in the 187.5 bps area, the source said.
The notes (Baa2/BBB/BBB) priced at 99.834 to yield 4.287%. They have a make-whole call at Treasuries plus 30 bps.
Bookrunners were Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities Inc. and UBS Investment Bank.
Proceeds are being used for general corporate purposes, including repayment or repurchase of debt or acquisitions.
The operating partnership for the real estate investment trust is based in New York City.
| Issuer: | Vornado Realty LP
|
| Issue: | Unsecured notes
|
| Amount: | $500 million
|
| Maturity: | April 1, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities Inc., UBS Investment Bank
|
| Coupon: | 4.25%
|
| Price: | 99.834
|
| Yield: | 4.287%
|
| Spread: | Treasuries plus 187.5 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | March 23
|
| Settlement date: | March 26
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Price talk: | 187.5 bps area
|
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