Vornado Realty Trust Prices New Preferred Issue – UPDATE Ticker

The OTC grey market ticker is VNOOV

REIT Vornado Realty Trust (VNO) has priced their previously announced preferred stock issue.

The issue prices at 4.45% and is split investment grade–BB+ from S&P and Baa3 from Moody’s.

This issue is large at 12 million shares and proceeds will be used to call the VNO-K 5.70% issue.

As of this moment NO OTC grey market ticker has been announced–but will be, likely this morning.

The pricing term sheet can be found here.

11 thoughts on “Vornado Realty Trust Prices New Preferred Issue – UPDATE Ticker”

  1. VNOOV Seems to be trading at TOS and Schwab today AM. Bought a few for a flip in spite of low coupon. So far $25.88-24.98

  2. Ally (the old tradeking interface actually) has VNOOV for trade. Bid is 25.05 and ask is 25.10. TD cell phone app does not even pull up VNOOV yet to buy. If anyone is curious. My order at 25.06 has been sitting around for a while now unfilled.

    1. Scratch that. Just got filled at 25.06. Good luck to all. Not the most exciting purchase but one does have to put some money to work.

      1. Which retail brokers can trade this on OTCBB?

        Cannot see VNOOV if that indeed is the ticker…Do see it at Schwab by searching on Cusip# but not showing any bid/ask and not tradable

        1. It won’t be tradeable at Schwab until a client calls and makes a big enough stink to get them to put it in their system. It has to be done manually. You will have make a stink because the first level phone chimps are trained to tell you to “just wait” and it will become available.

          You would think they would either automate or have some watching new issues, but no, they wait for clients to make enough noise that someone calls trade support (helps to have the CUSIP when you call or they will waste an hour looking for the issue).

          I have had the conversation with several trade support managers. They seem frustrated with the system too.

  3. At that insane 4.45% rate (this is a New York City focused office REIT with a very mediocre balance sheet) the company should have issued another 12 million shares and called the 5.4% VNO+L – which has been callable since 2018.

    The appropriate temporary ticker on this one should be VNO-NO.

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