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Vornado Extends One of its Two Revolving Credit Facilities

April 19, 2021, 06:24 AM
Filed Under: Real Estate

Vornado Realty Trust announced that Vornado Realty L.P., the operating partnership through which Vornado Realty Trust conducts its business, has extended one of its two unsecured revolving credit facilities to April 2026 (as fully extended). The interest rate on the extended facility was lowered to LIBOR plus 90 basis points from LIBOR plus 100 basis points. The facility fee remains at 20 basis points.

Vornado’s other $1.5 billion revolving credit facility matures in March 2024 (as fully extended) and has an interest rate of LIBOR plus 90 basis points and a facility fee of 20 basis points.

The joint lead arrangers and joint bookrunners for the 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. Bank of the West, Barclays Bank PLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley and TD Bank, N.A., serve as joint lead arrangers.

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

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