NEW YORK, July 05, 2022 (GLOBE NEWSWIRE) — Vornado Realty Trust (NYSE:VNO) announced today that it has recently completed four refinancings totaling $3.2 billion.
On June 30, 2022, Vornado Realty L.P. extended one of its two unsecured revolving credit facilities from March 2024 to December 2027, as fully extended. The $1.25 billion extended facility bears interest at a rate of SOFR plus 1.15% (currently 2.68%). The facility fee is 0.25%. Vornado’s other $1.25 billion revolving credit facility matures in April 2026 (as fully extended) and bears interest at a rate of SOFR plus 1.19%. The facility fee is 0.25%.
On June 30, 2022, Vornado extended the maturity date of its $800 million unsecured term loan from February 2024 to December 2027. The extended loan bears interest at a rate of SOFR plus 1.30% (currently 2.83%). Under an existing swap agreement, $750 million of the $800 million loan has been swapped to a fixed rate of 4.05% through October 2023.
On June 28, 2022, Vornado completed a $700 million refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan office building. The interest only loan bears a rate of SOFR plus 2.25% (currently 3.75%) and matures in July 2027, as fully extended. Upon the achievement of certain conditions within the first 18 months of closing, the interest rate will decrease to SOFR plus 1.75% and Vornado will have the option to draw an additional $300 million of proceeds. $350 million of this loan was swapped to…
