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NEW YORK CITY-Vornado Realty Trust said late Thursday afternoon that a subsidiary had sold $660 million of 10-year mortgage notes in a single-issuer securitization. The six notes are comprised of a $600-million fixed-rate component and a $60-million variable-rate component, and are cross-collateralized by 40 strip shopping centers located mainly in the New York metro area.

The office and retail REIT says the $600-million fixed-rate portion bears interest at the initial rate of 4.17% and a weighted average rate of 4.31% over the 10-year term and amortizes based on a 30-year schedule. The variable-rate debt bears interest at Libor plus 1.35% with a 1% floor, for an initial rate of 2.35%.

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