Wednesday, Vornado Realty Trust (VNO) completed its previously announced cash tender offers for any and all of its 3.625% Convertible Senior Debentures and its 2.85% Convertible Senior Debentures. Each debentures are guaranteed by Vornado Realty L.P., the operating partnership through which Vornado conducts its business and holds substantially all of its assets.
The tender offers for the Securities expired on December 1, 2009. Following the terms of the tender offers, Vornado purchased an aggregate of $449.7 million principal amount of the 3.625% Debentures and $1.1 billion principal amount of the 2.85% Debentures. The Securities purchased have been retired, thereby leaving $437.3 million in aggregate principal amount of the 3.625% Debentures outstanding and $22.5 million in aggregate principal amount of the 2.85% Debentures outstanding.
In accordance with the terms of the tender offers, the consideration paid for the Securities was $1,000 per $1,000 in principal amount of such Securities, plus accrued and unpaid interest to, but not including, December 2, 2009, the settlement date for the tender offers. The aggregate consideration paid for the Securities purchased, exclusive of accrued interest, was approximately $1.553 billion. Vornado paid for all of the Securities purchased pursuant to the tender offers with available cash received from the Operating Partnership.
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