Vornado Announces Pricing of Public Offering of $300 Million 4.45% Series O Cumulative Redeemable Preferred Shares and Calls for Redemption All of its $300 Million 5.70% Series K Cumulative Redeemable Preferred Shares
14 Settembre 2021 - 12:05AM
VORNADO REALTY TRUST (NYSE: VNO) today announced the pricing of a
public offering of $300 million perpetual 4.45% Series O Cumulative
Redeemable Preferred Shares, at a price of $25.00 per share,
pursuant to an effective registration statement. The offering is
expected to close September 22, 2021, subject to customary closing
conditions. The Company may redeem the Series O Preferred Shares at
a redemption price of $25.00 per share on and after September 22,
2026. BofA Securities, J.P. Morgan, Morgan Stanley, UBS Investment
Bank and Wells Fargo Securities are acting as joint book-running
managers.
The Company will use the net proceeds for the
redemption of its 5.70% Series K Cumulative Redeemable Preferred
Shares pursuant to the terms thereof.
The offering is being made under the Company’s
shelf registration statement filed with the Securities and Exchange
Commission. A prospectus supplement relating to the offering will
be filed with the Securities and Exchange Commission. A copy of the
prospectus supplement and accompanying prospectus relating to the
offering may be obtained by contacting BofA Securities, Inc., 200
North College Street, NC1-004-03-43, Charlotte, NC 28255-0001,
Attention: Prospectus Department, telephone: 1-800-294-1322 or
email, dg.prospectus_requests@bofa.com, J.P. Morgan Securities LLC,
383 Madison Avenue, New York, NY 10179, Attention: Investment Grade
Syndicate Desk, or by calling (212) 834-4533, Morgan Stanley &
Co. LLC, 180 Varick Street, New York, NY 10014, Attn: Prospectus
Department, or email prospectus@morganstanley.com, UBS Securities
LLC, Attention: Prospectus Department, 1285 Avenue of the Americas,
New York, NY 10019, or by calling toll-free at 1-888-827-7275 and
Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attn: WFS Customer Service, or email
wfscustomerservice@wellsfargo.com, or by calling toll-free at
1-800-645-3751. This communication shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any
sale of securities in any state in which such offer, solicitation
or sale would be unlawful prior to registration or
qualification.
Vornado also announced that it will redeem all
of its $300 million 5.70% Series K Cumulative Redeemable Preferred
Shares on October 13, 2021, at a redemption price of $25.00 per
share plus accrued and unpaid dividends through the date of
redemption. Vornado will incur a charge of $9 million in the third
quarter of 2021 from the write-off of issuance costs related to the
shares being redeemed.
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. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Vornado to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. 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, 2020. Such
factors include, among others, risks associated with the
performance of Vornado’s properties and general competitive
factors. Currently, one of the most significant factors is the
ongoing adverse effect of the COVID-19 pandemic on our business,
financial condition, results of operations, cash flows, operating
performance and the effect it has 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. The extent
of the impact of the COVID-19 pandemic will depend on future
developments, including the duration of the pandemic, current and
future variants, the efficacy and durability of vaccines against
the variants and the potential for increased government
restrictions, which continue to be uncertain at this time but that
impact could be material. Moreover, you are cautioned that the
COVID-19 pandemic will heighten many of the risks identified in
"Item 1A. Risk Factors" in Part I of our Annual Report on Form
10-K for the year ended December 31, 2020.
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