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Vornado Sells $200M in Seven-Year Notes

NEW YORK CITY-On the heels of selling $120 million in preferred shares and preferred units, the REIT now sells $200 million in seven-year notes. Bank of America Securities says Vornado will focus on the retail sector.

By Barbara Jarvie | Updated on November 20, 2003

NEW YORK CITY-It’s a selling spree for Vornado Realty Trust. The Paramus, NJ-based REIT sold $200 million in seven-year notes. Joint lead managers on the deal were JP Morgan, Banc of America Securities LLC and Citigroup. Morgan made news of the sale public. The net proceeds of approximately $198.5 million will be used primarily to repay existing mortgage debt. Bank of America Securities officials note that in a meeting, Vornado execs emphasized plans to generate growth fromt the REIT’s retail division.

Vornado just sold $40 million of 7.00% Series D-10 Cumulative Redeemable Preferred Shares to an institutional investor in a public offering. Immediately prior to that sale, Vornado Realty LP, the operating partnership through which Vornado Realty Trust conducts its business, sold $80 million of 7.00% Series D-10 Cumulative Redeemable Preferred Units to an institutional investor in a separate private offering.

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