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Kimco Realty Corp Announces $175 Million 5.625% Perpetual Preferred Stock Offering


Wednesday, 28 Nov 2012 06:23pm EST 

Kimco Realty Corp announced the sale of 7,000,000 depositary shares, each representing a 1/1000 fractional interest in a share of the Company‚Äôs 5.625% Class K Cumulative Redeemable Preferred Stock, $1.00 par value per share. These depositary shares, priced at $25.00 per depositary share, entitle holders of each depositary share to a 5.625% cumulative dividend, or $1.40625 per annum, are not convertible into common stock and are redeemable at par at the option of the Company on and after December 7, 2017. The Company intends to use the net proceeds from this offering for general corporate purposes, including (i) funding towards the repayment of its $198.9 million principal amount of 6% Senior Unsecured Notes due November 30, 2012 and (ii) to reduce borrowings under its revolving credit facility maturing October 2015. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., UBS Securities LLC and Wells Fargo Securities, LLC are the joint book-running managers of the offering. J.P. Morgan Securities LLC and RBC Capital Markets, LLC are the joint lead managers for the offering. Credit Suisse Securities (USA) LLC, Raymond James & Associates, Inc., BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc., Piper Jaffray & Co. and Barclays Capital Inc. are the co-managers for the offering. The offering is expected to close on December 7, 2012. 

Company Quote

23.38
-0.19 -0.81%
1:24pm EDT