Vornado Realty buys back $11.55 billion of 3.625%, 2.85% convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 2 - Vornado Realty Trust said it received tenders for $449,672,000 principal amount, or 51%, of its 3.625% convertible senior debentures due 2026 and for $11,103,459,000 principal amount, or 98%, of its 2.85% convertible senior debentures due 2027 during tender offers that expired at midnight ET on Dec. 1.

The tendered convertibles have been purchased and retired, leaving $437,297,000 of the 3.625% convertibles outstanding and $22,479,000 of the 2.85% convertibles outstanding.

Holders received par plus accrued interest to the payment date.

The convertibles are guaranteed by Vornado Realty LP, the company's operating partnership.

Vornado previously said it planned to pay for the tender offers with available cash received from the operating partnership.

The tender offers began Nov. 2 and were not conditioned on the tender of any minimum principal amount of securities.

Bank of America Merrill Lynch (888 292-0070) and Goldman Sachs & Co. (800 828-3182) were the dealer managers. Global Bondholder Services Corp. (866 470-3900 or 212 430-3774) was the information agent.

Vornado Realty is a Paramus, N.J.-based equity real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.