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Vornado to redeem series G, I preferred shares

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Vornado to redeem series G, I preferred shares

Vornado Realty Trust plans to redeem all of its $200 million outstanding 6.625% series G cumulative redeemable preferred shares and $150 million of its $270 million outstanding 6.625% series I shares.

The shares will be redeemed Jan. 4, 2018, at $25 per share, plus accrued and unpaid dividends through the date of redemption. The redemption will cost the company $11.1 million in charges in the first quarter of 2018.

Vornado will finance the redemption using proceeds from the sale of $300 million of 5.25% series M shares and $50 million in cash.

American Stock Transfer & Trust Co. LLC is acting as redemption agent.