SL Green & Vornado Complete $900 Million Refinancing of 280 Park Avenue
19 May 2016 - 6:05AM
Business Wire
SL Green Realty Corp. (NYSE:SLG) and Vornado Realty Trust
(NYSE:VNO) today announced that they have closed on the refinancing
of 280 Park Avenue, a premier 1,250,000 square foot Manhattan
office building that is held by the companies in a joint
venture.
The new $900 million loan carries a 3-year term (subject to four
1-year extension options) and a floating interest rate of LIBOR
plus 2.00% (currently 2.44%). The loan replaces the previous $721
million indebtedness that carried an interest rate of approximately
6.35%.
The refinancing comes on the heels of the completion of a
transformational $150 million redesign and renovation of the
building’s façade and interior. Included in the renovations were
the creation of an expansive world-class lobby, an extensive
program to enhance environmental sustainability, a complete
redesign of the building’s adjacent plaza and building-wide
infrastructure upgrades, including new elevator cabs and bathrooms,
new thin line perimeter induction units, new electrical
distribution and state-of-the-art security.
Forward-looking Statement
This press release includes certain statements that may be
deemed to be "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and are intended
to be covered by the safe harbor provisions thereof. All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that we expect, believe or anticipate will or may occur in the
future, are forward-looking statements. Forward-looking statements
are not guarantees of future performance and we caution you not to
place undue reliance on such statements. Forward-looking statements
are generally identifiable by the use of the words "may," "will,"
"should," "expect," "anticipate," "estimate," "believe," "intend,"
"project," "continue," or the negative of these words, or other
similar words or terms.
Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are
beyond our control, that may cause our actual results, performance
or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking
statements made by us. Factors and risks to our business that could
cause actual results to differ from those contained in the
forward-looking statements are described in our filings with the
Securities and Exchange Commission. We undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of future events, new information or otherwise.
SLG-FIN
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version on businesswire.com: http://www.businesswire.com/news/home/20160518006018/en/
SL Green Realty Corp.Matt DiLiberto, 212-594-2700Chief Financial
OfficerorVornado Realty TrustStephen Theriot, 201-587-1000Chief
Financial Officer
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