Vornado Extends One of its Two Revolving Credit Facilities

Rhea-AI Summary

Vornado Realty Trust (NYSE:VNO) extended one of its unsecured revolving credit facilities from April 2026 to April 2029, with the borrowing amount reduced to $915 million. The new facility bears interest at a rate of SOFR plus 1.20%.

NEW YORK, May 06, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that Vornado Realty L.P., extended one of its two unsecured revolving credit facilities from April 2026 to April 2029 (as fully extended). The available borrowing amount under the facility was reduced from $1.25 billion to $915 million. The new facility bears interest at a rate of SOFR plus 1.20%.   The facility fee is 0.25%.

Vornado’s other unsecured revolving credit facility, in the amount of $1.25 billion, matures in December 2027 (as fully extended) and has an interest rate of SOFR plus 1.14% and a facility fee of 0.25%.

The joint lead arrangers and joint bookrunners for the extended facility are JPMorgan Chase Bank, N.A., BofA Securities, Inc., PNC Capital Markets LLC, U.S. Bank National Association, and Wells Fargo Securities LLC.  JPMorgan Chase Bank, N.A. serves as Administrative Agent and J.P. Morgan Securities LLC serves as Sustainability Structuring Agent.  Bank of America, N.A., PNC Bank, National Association, U.S. Bank National Association and Wells Fargo Bank, National Association serve as Co-Syndication Agents. BMO Capital Markets Corp., Deutsche Bank Securities, Inc. Goldman Sachs Bank USA, and Morgan Stanley Senior Funding, Inc. serve as joint lead arrangers.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.

CONTACT

Thomas Sanelli
(212) 894-7000

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2023. Currently, some of the factors are the increased interest rates and inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.

FAQ

What was the borrowing amount reduced to under the extended credit facility?

The borrowing amount was reduced to $915 million.

What is the interest rate of the new facility?

The new facility bears interest at a rate of SOFR plus 1.20%.