Vornado Receives $500 Million From Redemption of
Preferred Equity in 640 Fifth Avenue
NEW YORK…..VORNADO REALTY TRUST (NYSE: VNO) announced today that, as contemplated in connection with the recently completed retail transaction, it received $500 million from the redemption of its preferred equity in 640 Fifth Avenue. The preferred equity was redeemed from the proceeds of a $500 million mortgage financing that was completed on the property. The five year loan, which is guaranteed by Vornado, is interest only at LIBOR plus 1.01%, which was swapped for four years to a fixed rate of 3.07%.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.