Kimco Realty Corporation Announces Pricing of $350 Million 3.125% Notes Due 2023

Kimco Realty Corporation Announces Pricing of $350 Million 3.125% Notes Due 2023

NEW HYDE PARK, N.Y.--(BUSINESS WIRE)-- Kimco Realty Corp. (NYS: KIM) today announced its public offering of $350 million notes due 2023 at a coupon of 3.125 percent per annum with an effective yield of 3.211 percent, 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 (i) partially reduce borrowings ($499.5 million as of March 31, 2013) under its 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), (ii) replace indebtedness under its $100 million aggregate principal amount of 6.125% Senior Notes due January 2013, which were repaid at maturity, and (iii) pre-fund near-term maturities, including its (a) $75 million aggregate principal amount of 4.70% Senior Notes due June 2013, (b) $100 million aggregate principal amount of 5.19% Senior Notes due October 2013 and (c) $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. BNY Mellon Capital Markets, LLC, Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC, Regions Securities LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. served as the co-managers.

The offering was made pursuant to an effective shelf registration statement, prospectus and related prospectus supplement. Copies of the prospectus supplement and the base prospectus, when available, may be obtained by contacting J.P. Morgan Securities LLC collect at 212-834-4533, Barclays Capital Inc. toll free at 888-603-5847, Morgan Stanley & Co. LLC toll free at 866-718-1649 or RBC Capital Markets, LLC toll free at 866-375-6829.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.


Kimco Realty Corp. (NYS: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America's largest portfolio of neighborhood and community shopping centers. As of March 31, 2013, the company owned interests in 895 shopping centers comprising 131 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisition, development and management for more than 50 years.


The statements in this release state the company's and management's intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms for the company, (iv) the company's ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates, (vii) risks related to the company's international operations, (viii) the availability of suitable acquisition and disposition opportunities, (ix) valuation and risks related to the company's joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the company's common stock, (xiii) the reduction in the company's income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the company's intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's SEC filings, including but not limited to the company's Annual Report on Form 10-K for the year ended December 31, 2012 and the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013. Copies of each filing may be obtained from the company or the SEC.

The company refers you to the documents filed by the company from time to time with the SEC, specifically the section titled "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2012 and the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, in each case as may be updated or supplemented in the company's filings with the SEC, which discuss these and other factors that could adversely affect the company's results.

Kimco Realty Corp.
David F. Bujnicki, 1-866-831-4297
Vice President, Investor Relations and Corporate Communications

KEYWORDS:   United States  North America  Canada  New York


The article Kimco Realty Corporation Announces Pricing of $350 Million 3.125% Notes Due 2023 originally appeared on

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

From Our Partners