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.