Vornado Realty extends revolver to 2021, lowers pricing by 15 bps

By Marisa Wong

Morgantown, W.Va., Nov. 7 – Vornado Realty Trust’s operating partnership, Vornado Realty LP, extended one of its two $1.25 billion unsecured revolving credit facilities to February 2021 with two six-month extension options from June 2017, according to a press release.

The interest rate on the extended facility was lowered to Libor plus 100 basis points from Libor plus 115 bps. The facility fee remains at 20 bps.

Vornado’s second revolving credit facility of $1.25 billion matures in November 2018 with two six-month extension options.

The company said the revolvers permit the recently announced tax-free spinoff of its Washington, D.C., business.

The joint lead arrangers and joint bookrunners are JPMorgan Chase Bank, NA, Merrill Lynch, Pierce, Fenner & Smith Inc. and Wells Fargo Securities LLC. JPMorgan Chase Bank, NA is administrative agent; Bank of America, NA and Wells Fargo Bank, NA are co-syndication agents; Citigroup Global Markets Inc., PNC Capital Markets LLC and U.S. Bank NA are joint lead arrangers.

Vornado is an equity real estate investment trust based in New York.

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