trending Market Intelligence /marketintelligence/en/news-insights/trending/IkCNc9CkKGB-yIBNAhsjxw2 content esgSubNav
In This List

Vornado prices public offering of $300M perpetual preferred shares

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Vornado prices public offering of $300M perpetual preferred shares

Vornado Realty Trust priced a public offering of $300 million worth of 5.25% series M cumulative redeemable preferred shares at $25.00 apiece, pursuant to an effective registration statement.

The offering of perpetual shares is expected to close Dec. 13, with the underwriters granted a 30-day option to purchase up to an additional $45 million of the preferred shares at the public offering price, less the underwriting discount, for any overallotments.

Vornado plans to use net proceeds from the offering, plus cash on hand, to redeem $200 million of its 6.625% series G cumulative redeemable preferred shares and $150 million of its $270 million worth of 6.625% series I cumulative redeemable preferred shares.

The company has the option to redeem the series M preferred shares at $25.00 per share on and after Dec. 13, 2022.

BofA Merrill Lynch, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities served as joint book-running managers for the offering.