NEW YORK, Oct. 16, 2020 (GLOBE NEWSWIRE) -- VORNADO REALTY TRUST (NYSE: VNO) announced today that it has completed a $500 million refinancing of PENN11, a 1.2 million square foot Manhattan office building. The interest-only loan carries a rate of LIBOR plus 2.75% (currently 2.90%) and matures in October 2025, as fully extended.

The loan replaces the previous $450 million loan that bore interest at a fixed rate of 3.95% and was scheduled to mature in December 2020.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.