Vornado Realty Trust has raised $175 million through the sale of preferred shares, Reuters reports. The company intends to use the proceeds for general business purposes, which may include payment of the redemption or repurchase price for preferred stock and units. The shares will offer a dividend rate of 6.875%. Citigroup, Bank of America Merrill Lynch, Morgan Stanley, UBS and Wells Fargo were the joint bookrunning managers for the transaction.
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