Vornado Realty L.P. has successfully priced a $500 million series of 5.75% senior unsecured notes due February 1, 2033, at 99.824% of par, resulting in an effective yield of 5.78%. Interest will be paid semiannually each February and August, beginning August 1, 2026. The deal was led by a syndicate of 18 banks, including BofA Securities, J.P. Morgan Securities and Goldman Sachs, reflecting strong institutional demand for long-dated real estate credit in the current rate environment.

Net proceeds of approximately $494 million will be deployed to retire $400 million of unsecured notes maturing June 1, 2026, thereby extending Vornado’s debt maturity profile by seven years. The remaining $94 million will fund general corporate purposes, with flexibility to temporarily park funds in cash equivalents or other liquid instruments until deployment. This targeted refinancing reduces near-term debt obligations and frees up liquidity for strategic initiatives.

Subject to customary closing conditions, the transaction is slated to settle on January 14, 2026. By refinancing its 2026 notes well ahead of maturity, Vornado mitigates rollover risk and locks in long-term financing at a spread of roughly 280 basis points over U.S. Treasuries. Investors should view the deal as a credit-friendly move that enhances the REIT’s leverage metrics and supports ongoing asset redevelopment and leasing programs in key markets.