CMF Briefs From Vornado, LBC Credit Partners

Vornado Extends One of its Two Revolving Credit Facilities

Vornado Realty Trust, New York, said Vornado Realty L.P., the operating partnership through which Vornado Realty Trust conducts its business, has extended one of its two unsecured revolving credit facilities to April 2026. The interest rate on the extended facility was lowered to LIBOR plus 90 basis points from LIBOR plus 100 basis points. The facility fee remains at 20 basis points.

Vornado’s other $1.5 billion revolving credit facility matures in March 2024 (as fully extended) and has an interest rate of LIBOR plus 90 basis points and a facility fee of 20 basis points.

The joint lead arrangers and joint bookrunners for the facility are JPMorgan Chase Bank N.A., BofA Securities Inc., PNC Capital Markets LLC, U.S. Bank National Association and Wells Fargo Securities LLC.

JPMorgan Chase Bank N.A. serves as Administrative Agent and J.P. Morgan Securities LLC serves as Sustainability Structuring Agent.

Bank of America N.A., PNC Bank National Association, U.S. Bank National Association and Wells Fargo Bank National Association serve as Co-Syndication Agents.

Bank of the West, Barclays Bank PLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley and TD Bank N.A., serve as joint lead arrangers.

Vornado Realty Trust is a fully integrated equity real estate investment trust.

LBC Credit Partners Closes Fifth Fund Platform

LBC Credit Partners, Radnor, Pa., closed its LBC Credit Partners V and a fund raised contemporaneously adding $808 million of equity commitments to the firm’s capital base. To date, LBC V has funded 28 investments and the firm continues to evaluate opportunities for the platform.

LBC V and its related funds will continue LBC’s strategy of originating, executing and managing a diversified portfolio of direct loans and investments in U.S. middle market companies across a broad range of industry sectors. LBC Credit Partners provides middle market and small-cap financing solutions supporting sponsored and non-sponsored transactions throughout the U.S. across a broad range of industries. With over $3 billion of capital commitments, the firm has provided in excess of $7.6 billion to more than 250 issuers.