Vornado Prices $500M 5.75% Notes at 99.824%, Yielding 5.78% to Refinance 2026 Debt
Vornado Realty L.P. priced a $500 million 5.75% senior unsecured notes due Feb. 1, 2033, at 99.824% to yield 5.78%, raising approximately $494 million. Proceeds will repay $400 million of June 1, 2026 unsecured notes, with remaining funds for general corporate purposes; closing Jan. 14, 2026.
1. Public Offering Pricing
Vornado Realty L.P., the operating partnership of Vornado Realty Trust, has successfully priced a $500 million offering of 5.75% senior unsecured notes due February 1, 2033. The notes were sold at 99.824% of their face amount, resulting in a yield to maturity of 5.78%. Interest will be paid semiannually on February 1 and August 1, beginning August 1, 2026. A syndicate led by BofA Securities, PNC Capital Markets, U.S. Bancorp Investments and Wells Fargo Securities served as joint book-running managers, with support from ten additional co-managers including Goldman Sachs and J.P. Morgan Securities.
2. Use of Proceeds and Expected Closing
Net proceeds are estimated at approximately $494 million. Of this amount, $400 million will be applied to the retirement of existing unsecured notes maturing June 1, 2026, at maturity. The remaining funds will support general corporate purposes and, until deployed, may be held in cash, cash equivalents or other liquid marketable investments. The transaction is subject to customary closing conditions and is expected to settle on January 14, 2026.