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Bulletin: Vornado Realty Trust Ratings Not Immediately Affected By Bid For Equity Office Jan 07
Standard & Poors, Jan 2007
Abstract
NEW YORK (Standard & Poor's) Jan. 18, 2007--Standard & Poor's Ratings Services today said that its corporate credit ratings and stable outlooks on Vornado Realty Trust (Vornado; BBB+/Stable/--) and its operating subsidiary, Vornado Realty L.P., are not immediately affected by Vornado's announced offer, in partnership with Starwood Capital Group Global LLC and Walton Street Capital LLC, to acquire the assets of Equity Office Properties Trust (Equity Office; BBB/Watch Neg/--). The consortium's $39 billion bid exceeds a previously accepted $36 billion offer by affiliates of Blackstone Real Estate Partners (Blackstone). If successful, Vornado intends to retain approximately half of the assets. The company plans to fund its share of the acquisition costs with $8.6 billion of common shares, up to $2.0...
Companies mentioned in this report are: Vornado Realty Trust,Equity Office Properties Trust,Vornado Realty L.P.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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