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Kimco Closes $300M Note Sale

NEW HYDE PARK, NY-The retail REIT plans to repay $220 million in unsecured term loans along with retiring other debt.

By Paul Bubny | Updated on September 25, 2009

NEW HYDE PARK, NY-Kimco Realty Corp. said Friday that it had closed its public offering of $300 million in 10-year unsecured senior notes. The net proceeds of $297.3 million will be used to repay $220 million of existing unsecured term loans that were scheduled to mature in April 2011, according to an SEC filing.

The notes, which were priced at 99.84% to yield 6.897%, will mature Oct. 1, 2019, Kimco says in a release. After repaying the term loans, the company will use the remaining proceeds for general corporate purposes such as repayment of other indebtedness, including construction loans coming due in 2010. “As a result of these transactions, the company’s debt maturity profile is enhanced without increasing the company’s total indebtedness,” according to a release.

JPMorgan Chase, Morgan Stanley and Wells Fargo Securities served as the joint book-running managers for this offering. Barclays Capital, RBC Capital Markets, RBS, and Scotia Capital served as the co-managers.

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