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Fri Apr 30, 2021, 06:01 PM

Trump Scores $617 Million of Cash With Vornado From Tower Bonds [View all]

Source: Bloomberg

Investors snapped up $1.2 billion of bonds linked to a San Francisco office tower that makes up much of Donald Trumpís 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, Trumpís 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.

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