Vornado Prices $500M of 5.75% Notes and Acquires $141M Plaza District Site
Vornado priced $500M 5.75% senior unsecured notes due Feb. 1, 2033 at 99.824% with a 5.78% yield, raising $494M to repay $400M 2026 notes, closing Jan. 14, 2026. It also bought 18,400 sq ft Plaza District site at 3 East 54th Street for $141M, net of a $107M mortgage credit.
1. Vornado Prices $500 Million Offering of 7-Year Senior Unsecured Notes
On January 7, 2026, Vornado Realty L.P. priced a $500 million offering of 5.75% senior unsecured notes due February 1, 2033. The notes were issued at 99.824% of par, resulting in a yield of 5.78%, with interest payable semiannually on February 1 and August 1, beginning August 1, 2026. Net proceeds are expected to total approximately $494 million. Of these proceeds, $400 million will repay unsecured notes maturing June 1, 2026, with the remaining $94 million earmarked for general corporate purposes. Subject to customary closing conditions, the transaction is set to close on January 14, 2026, and temporary investments of the proceeds may include cash, cash equivalents and other liquid marketable securities.