Vornado to Redeem All of its 6.625% Series G and
a Portion of its 6.625% Series I Cumulative Redeemable Preferred Shares
NEW YORK….VORNADO REALTY TRUST (NYSE:VNO) announces that it has called for redemption all of its $200 million outstanding 6.625% Series G Cumulative Redeemable Preferred Shares and $150 million of its $270 million outstanding 6.625% Series I Cumulative Redeemable Preferred Shares on January 4, 2018, at a redemption price of $25 per share, plus accrued and unpaid dividends through the date of redemption. American Stock Transfer & Trust Company LLC is serving as redemption agent.
The Company will incur a charge of $11.1 million in the first quarter of 2018 from the write off of issuance costs relating to the shares being redeemed.
On December 4, 2017 the Company sold $300 million of 5.25% Series M Cumulative Redeemable Preferred Shares that together with $50 million of its cash will be the source of the funding for these redemptions.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.