Item 1.01. Entry into a Material Definitive Agreement. OnApril 15, 2021 ,Vornado Realty L.P. ("VRLP"), the operating partnership through whichVornado Realty Trust conducts its business, amended and extended the maturity of its$1.25 billion unsecured revolving credit facility (as extended, amended and restated, the "2021 Revolving Credit Facility"), fromJanuary 2023 (as fully extended) toApril 2026 (as fully extended). The current interest rate on the 2021 Revolving Credit Facility was lowered to LIBOR plus 90 basis points per annum from LIBOR plus 100 basis points per annum. The facility fee remains at 20 basis points per annum. VRLP's other unsecured revolving credit facility, in the amount of$1.50 billion (the "2024 Revolving Credit Facility"), matures inMarch 2024 (as fully extended) and currently bears interest at a rate of LIBOR plus 90 basis points and has a facility fee of 20 basis points per annum. VRLP's total revolving credit facilities remain at$2.75 billion . The joint lead arrangers and joint bookrunners for the 2021 Revolving Credit Facility areJPMorgan Chase Bank, N.A .,BofA Securities, Inc. , PNC Capital Markets LLC,U.S. Bank National Association , andWells Fargo Securities LLC .JPMorgan Chase Bank, N.A . serves asAdministrative Agent andJ.P. Morgan Securities LLC serves as Sustainability Structuring Agent.Bank of America, N.A .,PNC Bank, National Association ,U.S. Bank National Association andWells 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 andTD Bank, N.A ., serve as joint lead arrangers. Under the terms of the 2021 Revolving Credit Facility, "Total Outstanding Indebtedness" may not exceed sixty percent (60%) of "Capitalization Value," which is based on a 6.0% capitalization rate; the ratio of "Combined EBITDA" to "Fixed Charges," each measured as of the most recently ended calendar quarter, may not be less than 1.40 to 1.00; the ratio of "Unencumbered Combined EBITDA" to "Unsecured Interest Expense," each measured as of the most recently ended calendar quarter, may not be less than 1.50 to 1.00; "Unsecured Indebtedness" may not exceed sixty percent (60%) of "Capitalization Value of Unencumbered Assets," each measured as of the most recently ended calendar quarter; and the ratio of "Secured Indebtedness" to "Capitalization Value," each measured as of the most recently ended calendar quarter, may not exceed fifty percent (50%). The 2021 Revolving Credit Facility also contains standard representations and warranties and other covenants. The 2021 Revolving Credit Facility includes usual and customary events of default for facilities of this nature (with applicable customary grace periods) and provides that, upon the occurrence and continuation of an event of default, payment of all amounts outstanding under the credit facility may be accelerated and the lenders' commitments may be terminated. OnApril 16, 2021 , VRLP entered into (i) Amendment No. 2 to its Amended and Restated Term Loan Agreement among VRLP,JPMorgan Chase Bank N.A ., as administrative agent, and the lenders party thereto, and (ii) Amendment No. 1 to the 2024 Revolving Credit Facility among VRLP,JPMorgan Chase Bank N.A ., as administrative agent, and the lenders party thereto, pursuant to which VRLP made certain changes to the definitions of "Combined EBITDA" and "Unencumbered Assets" and certain other changes to conform such definitions and provisions to the corresponding items of the 2021 Revolving Credit Facility.
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