Vornado Realty L.P. engages in the ownership and operation of office, retail, and showroom properties in the United States. As of December 31, 2007, it owned 28 office properties in the New York City metropolitan area, and 83 office properties in the Washington, DC and Northern Virginia areas; 177 retail properties; 9 merchandise mart properties; and 90 cold storage warehouses, as well as 588 toy stores and 259 Babies ‘R’ Us stores in the United States, and 505 toy stores internationally. The company also has investments in 7 properties in the greater New York metropolitan area; the Hotel Pennsylvania in New York City; 6 dry warehouse/industrial properties in New Jersey covering approximatel...
888 Seventh Avenue
New York, NY 10019
Vornado Realty LP Renews Unsecured Revolving Credit Facilities for $1.25 Billion
Nov 8 11
Vornado Realty LP renewed the second of its unsecured revolving credit facilities for $1.25 billion. This renewed facility matures in four years, has a one-year extension option and bears interest at LIBOR plus 125 basis points, based on the company's current credit rating. In June 2011, Vornado renewed its other revolving credit facility for a four-year term with a one-year extension option for $1.25 billion. Vornado's total revolving credit facilities are now $2.5 billion. The lead arrangers and bookrunners for the facility are J.P. Morgan Securities LLC and Merrill Lynch; Pierce, Fenner & Smith Incorporated. JPMorgan Chase Bank, N.A. serves as Administrative Agent. Bank of America, N.A. serves as Syndication Agent. Sumitomo Mitsui Banking Corporation; U.S. Bank National Association; Wells Fargo Bank, National Association; Barclays Bank plc; Citibank, N.A.; Deutsche Bank Securities Inc.; The Royal Bank of Scotland plc; and UBS Securities LLC serve as Documentation Agents.
Vornado Realty LP Renews Unsecured Revolving Credit Facility
Jun 10 11
On June 8, 2011 Vornado Realty LP renewed one of its two unsecured revolving credit facilities and increased the commitments under such facility to $1.25 billion from $1.0 billion. The 2011 revolving credit facility matures in four years, has a one-year extension option and bears interest at LIBOR plus 135 basis points, based on the company's current credit rating. The company plans to extend its second revolving credit facility of $1.595 billion which matures in September 2012. The company's total revolving credit facilities are now $2.845 billion, of which $100 million is currently outstanding. Under the terms of the 2011 revolving credit facility, 'equity value'' may not be less than $3,000,000,000; 'Total Outstanding Indebtedness'' may not exceed 60% of 'Capitalization Value,'' which is based on a 6.5% capitalization rate; the ratio of 'Combined EBITDA'' to 'Fixed Charges,'' each measured as of the most recently ended calendar quarter, may not be less than 1.40 to 1.00; the ratio of 'Unencumbered Combined EBITDA'' to 'Unsecured Interest Expense,'' each measured as of the most recently ended calendar quarter, may not be less than 1.50 to 1.00; at any time, 'Unsecured Indebtedness'' may not exceed 60% of 'Capitalization Value of Unencumbered Assets;'' and the ratio of 'Secured Indebtedness'' to 'Capitalization Value,'' each measured as of the most recently ended calendar quarter, may not exceed 50%. The 2011 revolving credit facility also contains standard representations and warranties and other covenants. Concurrent with the execution of the 2011 revolving credit facility, certain changes were made to the terms of the 2007 revolving credit facility to conform it to the 2011 revolving credit facility.