Trump Scores $617 Million of Cash With Vornado From Tower Bonds
- Date: 01-May-2021
- Source: Yahoo News
- Sector:Financial Markets
- Country:Middle East
Trump Scores $617 Million of Cash With Vornado From Tower Bonds
(Bloomberg) -- Investors snapped up $1.2 billion of bonds linked to a San Francisco office tower that makes up much of Donald Trump’s fortune.
The AAA slice of the commercial mortgage-backed security sold Friday with a discount margin, or risk premium, of 125 basis points over one-month Libor -- roughly in line with other recent office-tower deals.
The bonds are being used to refinance a loan on the 555 California Street property in a deal that gives joint owners Vornado Realty Trust and Trump a $617 million payout.
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