By Cristal Cody
Tupelo, Miss., Dec. 4 – Vornado Realty Trust priced $300 million of $25-par 5.25% split-rated series M cumulative redeemable perpetual preferred stock (Baa3/BBB-/BB+) at par on Monday, according to an FWP filed with the Securities and Exchange Commission.
The company sold 12 million shares at $25.00 per share. The deal has an over-allotment option of 1.8 million shares.
The liquidation preference is $25.00 per preferred.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general business purposes, which may include redeeming one or more series of preferreds, including the company’s 6.625% series G cumulative redeemable preferreds and/or its 6.625% series I cumulative redeemable preferreds.
The company plans to list the preferreds on the New York Stock Exchange under the ticker symbol “VNOPrM.”
Vornado is an equity real estate investment trust based in New York.
| Issuer: | Vornado Realty Trust
|
| Amount: | $300 million, 12 million shares
|
| Greenshoe: | $45 million, 1.8 million shares
|
| Description: | Cumulative redeemable preferred stock
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC
|
| Dividend: | 5.25%
|
| Price: | Par of $25.00 per share
|
| Yield: | 5.25%
|
| Call features: | On or after Dec. 13, 2022 at $25.00 per share
|
| Trade date: | Dec. 4
|
| Settlement date: | Dec. 13
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Listing: | NYSE: VNOPrM
|
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