As noted by mcg below the OTC ticker has been announced as VORTP.
Vornado Realty Trust (VNO) has priced the previously announced new perpetual preferred stock.
The coupon is 5.25%.
The issue is cumulative, but non-qualified for preferential tax treatment.
The issue is split investment grade–being BB+ per S&P (a notch below investment grade) and Baa3 per Moody’s.
NOTE–this issue is large enough to call the VNO-K 5.70% issue, but the company has reiterated that the proceeds will be used for ‘general corporate purposes’. Just the same one never knows.
The issue will trade today on the OTC grey market, but the temporary ticker has not been announced.
The pricing term sheet can be read here.
ZH says they pulled a big sale unable to get price. And that the Donald was hoping it went thru in order to reduce debt
I held up on this one, the NYC RE making me a little gun shy. But I just can’t see new york going away. And covid will probably eventually be eradicated right?
The common’s chart is not good. But on flip side if you want to be a rate ho you have to take some risk. What’s crazy is the new BHT has a higher coupon the VNO
cusip/isin is incorrect. according to SEC filing, it should be
929042810 / US9290428104
The temp ticker is VORTP
https://otce.finra.org/otce/dailyList?viewType=Additions
Given the risk for Office REITs now, rate is too low even if its Vornado.
Tend to agree about the future of office space. Talking to remote workers in the New York City metro avenue, they do not want to go back on public transportation into dense working conditions when working at home is turning out to be a workable arrangement.
Management in the insurance company where one son works said after this, they will review how much rental office space they actually need.
I had a similar experience recently, chatting with an Xfinity phone rep based in Houston who’s been working remotely since March. He described getting more and more company equipment (additional computer screen, desk, chair, etc.) delivered to his residence over the last six months. He believes the remote work environment is here to stay, at least for experienced staff.