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Kimco Realty Corp Announces Pricing Of $350 Million 3.125% Notes Due 2023


Tuesday, 14 May 2013 08:26pm EDT 

Kimco Realty Corp announced public offering of $350 million notes due 2023 at a coupon of 3.125% per annum with an effective yield of 3.211%, maturing June 1, 2023. The Company intends to use the net proceeds of approximately $345 million from the offering for general corporate purposes, including to partially reduce borrowings ($499.5 million as of March 31, 2013) under revolving credit facility maturing in October 2015, which borrowings bear interest at a rate of one-month LIBOR plus 1.05% (1.25% as of March 31, 2013), replace indebtedness under $100 million aggregate principal amount of 6.125% Senior Notes due January 2013, which were repaid at maturity, and pre-fund near-term maturities, including $75 million aggregate principal amount of 4.70% Senior Notes due June 2013, $100 million aggregate principal amount of 5.19% Senior Notes due October 2013 and $67 million of mortgage debt maturing during 2013 with a weighted average interest rate of 5.93%. J.P. Morgan Securities LLC, Barclays Capital Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC served as the joint book-running managers for this offering. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC served as the senior co-managers. 

Company Quote

25.39
0.3 +1.20%
26 Nov 2014