Vornado Realty Trust (VNO: Quote) announced the pricing of a public offering of $300 million perpetual 5.40% Series L Cumulative Redeemable Preferred Shares, at a price of $25.00 per share, pursuant to an effective registration statement.
The offering is expected to close January 25, 2013. The company may redeem the Series L Preferred Shares at a redemption price of $25.00 per share on and after January 25, 2018.
The company said it has granted the underwriters an option exercisable within 30 days to purchase up to an additional $45 million 5.40% Series L Cumulative Redeemable Preferred Shares at a price of $25.00 per share.
The company will use the net proceeds for general business purposes, which will include the redemption of all of the Company’s outstanding 6.75% Series F Cumulative Redeemable Preferred Shares and 6.75% Series H Cumulative Redeemable Preferred Shares, with an aggregate liquidation preference of $262.5 million, plus any accrued and unpaid dividends through the date fixed for redemption.
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by RTT Staff Writer
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