Vornado amends $1.25B revolver and $800M term loan; adds sustainability rate adjustments

VORNADO REALTY LP

Amendments conform to new $915M revolver (May 3) replacing $1.25B facility maturing Apr 2026.
Current rates: revolver at Term SOFR+115 bps; term loan at Term SOFR+130 bps; facility fee 25 bps.
Sustainability thresholds can adjust revolver rate up/down 4 bps, term loan up/down 5 bps, facility fee 1 bp.
Key covenants: total debt ≤60% of capitalization; fixed charge coverage ≥1.40x; unsecured debt ≤60% of unencumbered assets.
Secured debt capped at 50% of capitalization; capitalization rates range from 5.75% (multifamily) to 8.0% (trade show).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VORNADO REALTY LP amended Amendment No. 1 to VRLP's $1.25 billion revolving credit facility maturing December 2027 (the "2027 Revolving Credit Facility") with JPMorgan Chase Bank N.A., as administrative agent, and the lenders party thereto (effective 2024-05-14).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank N.A., as administrative agent, and the lenders party thereto
Effective: 2024-05-14

Exact text from the filing

On May 14, 2024, Vornado Realty L.P. ("VRLP"), the operating partnership through which Vornado Realty Trust conducts its business, JPMorgan Chase Bank N.A., as administrative agent, and the lenders party thereto entered into Amendment No. 1 to VRLP's $1.25 billion revolving credit facility maturing December 2027 (as fully extended) (the "2027 Revolving Credit Facility") and Amendment No. 1 to VRLP's $800 million term loan maturing December 2027 (as fully extended) (the "Term Loan"), collectively, the "Amendments".

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VORNADO REALTY LP amended Amendment No. 1 to VRLP's $800 million term loan maturing December 2027 (the "Term Loan") with JPMorgan Chase Bank N.A., as administrative agent, and the lenders party thereto (effective 2024-05-14).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank N.A., as administrative agent, and the lenders party thereto
Effective: 2024-05-14

Exact text from the filing

On May 14, 2024, Vornado Realty L.P. ("VRLP"), the operating partnership through which Vornado Realty Trust conducts its business, JPMorgan Chase Bank N.A., as administrative agent, and the lenders party thereto entered into Amendment No. 1 to VRLP's $1.25 billion revolving credit facility maturing December 2027 (as fully extended) (the "2027 Revolving Credit Facility") and Amendment No. 1 to VRLP's $800 million term loan maturing December 2027 (as fully extended) (the "Term Loan"), collectively, the "Amendments".

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Source: SEC EDGAR

accession 0000899689-24-000026

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