Vornado Realty Trust (VNO) has announced a new preferred stock offering. Honestly I have been waiting for this one for a long time.
VNO has 4 preferreds outstanding including 2 that have been redeemable for 3-4 years and it was just a matter of time before they did a ‘refi’ on them. The VNO-K 5.70% issue has been redeemable since 07/2017–not sure why an investment grade REIT waited this long. The VNO-K issue is off a dollar this morning. This issue should be split investment grade–BB+ from S&P and Baa3 from Moody’s.
J was on top of this one with If you Prefer chiming in.