NEW YORK CITY-Vornado Realty Trust said late Thursday afternoon that Vornado Realty LP, the operating partnership through which it conducts business, has extended one of its two $1.25-billion revolving credit facilities by two years. The extension carries the facility forward from June 2015 to June 2017, with two six-month extension options, according to VNO.
The interest on the extended facility was lowered from LIBOR plus 135 basis points to LIBOR plus 115 bps, according to a release from the New York City-based REIT. In addition, the facility fee was reduced from 30 to 20 bps.
The second $1.25-billion facility matures in November '15, with a one-year extension option. There are no borrowings outstanding under either of the revolving credit facilities, according to VNO.
The lead arrangers and bookrunners for the facility are J.P. Morgan Securities and Merrill Lynch. JPMorgan Chase Bank serves as administrative agent, while Bank of America serves as syndication agent. Barclays Bank, Citibank, Deutsche Bank Trust Co. Americas, Morgan Stanley MUFG Loan Partners, PNC Bank, Royal Bank of Scotland, UBS Securities, US Bank and Wells Fargo Bank all serve as documentation agents.
Earlier this week, Vornado obtained a new 10-year, $300-million financing from its Outlets at Bergen Town Center shopping mall in Paramus, NJ. In late February, it announced a $390-million financing of its retail condominium at 666 Fifth Ave., which it acquired for $707 million this past December from a partnership of the Kushner Cos., Crown Acquisitions and the Carlyle Group.
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