Trump Scores $617 Million of Cash With Vornado From Tower Bonds
Source: Bloomberg
Investors snapped up $1.2 billion of bonds linked to a San Francisco office tower that makes up much of Donald Trumps 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 complex, among the tallest buildings in San Francisco, is one of two Trump-linked office towers that Vornado is refinancing. The other is in New York. While Vornado majority owns them, Trumps 30% stake is the most valuable part of his portfolio, making up about one-third of his $2.3 billion fortune, according to the Bloomberg Billionaires Index.
The refinancing -- and cash windfall for Vornado and Trump -- comes months after several banks tied to the former president said they would no longer work with him after the deadly U.S. Capitol riot in January.
Read more: https://www.bloomberg.com/news/articles/2021-04-30/trump-scores-617-million-of-cash-with-vornado-from-tower-bonds
I guess he isn't going bankrupt anytime soon.
Response to Calista241 (Original post)
Beastly Boy This message was self-deleted by its author.
Beastly Boy
(9,322 posts)Trump's share is 30%, or a one-time payoff of $185 million. Barely enough to retain his lawyers.
Response to Beastly Boy (Reply #2)
drray23 This message was self-deleted by its author.
oldsoftie
(12,533 posts)still hate to see him get a dime
Beastly Boy
(9,322 posts)About 600 M was the total take home payoff. 30% of it was Trump's.
I feel bad for the lawyers (never thought I would say this). Working for the scumbag and not getting paid. At least there is hope for them now.
On edit: he still owes 30% of that 1.2 B loan, but it's due 20 or 30 years from now.
abqtommy
(14,118 posts)understood people like former guy and sPUTIN. They can't take it with them and they
don't seem to care that people will be lining up to perform bodily functions on their graves.
ProfessorGAC
(65,010 posts)He's not worth $2.3 billion.
Nowhere even close.
His NW just went up because the market once again inflated asset value.
But, his NW is now no more than 40% of what's listed.
Debt is still grossly understated, and asset value of his resort properties are wildly inflated.
The financial community knows this. Investors are either ignorant or don't care because a much bigger entity is who the bet is actually on.
Mr.Bill
(24,283 posts)is probably not as much as he already had it hocked for. Not to mention what he owes on every other cash-hemohrraging "asset" he has.
Warpy
(111,254 posts)and we know after the past year a lot of corporations, especially tech corporations, are going to be reassessing their need for offices.
Not a deal I jumped at.