Core Insights - Vornado Realty Trust, Inc. (VNO) has successfully completed a refinancing of $450 million for its Manhattan office building, PENN 11, which spans 1.2 million square feet [1][8] Group 1: Refinancing Details - The new five-year interest-only loan has a fixed interest rate of 6.35% and is set to mature in August 2030 [2][8] - Vornado repaid $50 million of its previous $500 million loan, which had an interest rate of SOFR plus 2.06% (swapped to a fixed rate of 6.28%) and was due to mature in October 2025 [2][8] Group 2: Financial Implications - This refinancing enhances Vornado's financial flexibility, improving its maturity profile and providing greater liquidity for daily operations [3][8] - As of March 31, 2025, Vornado had $2.3 billion in liquidity, which includes $807 million in cash and cash equivalents, and $1.5 billion available under its $2.2 billion revolving credit facilities [4] Group 3: Market Performance - Over the past three months, Vornado's shares have increased by 13.8%, outperforming the industry growth of 3.2% [5]