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Kimco Realty prices cash tender offer for $300M medium-term notes due 2018

Kimco Realty Corp. priced a cash tender offer for $300 million of the principal outstanding amount of its 4.30% series E medium-term notes due 2018.

The price per $1,000 principal amount of 2018 notes tendered and accepted for payment following the offer is based on an applicable reference yield of 1.177% and a fixed spread of 20 basis points.

Additionally, Kimco priced 9 million depository shares, with each representing a 1/1,000 interest in a share of the 5.125% class L cumulative redeemable preferred stock of $1.00 par value per share, for a gross issuance price of $225 million.

The company intends to use the net proceeds to redeem depository shares representing one or more classes or series of its outstanding preferred stock, lower outstanding debts, and to finance development and redevelopment projects.

The company also plans to redeem 9,000 shares of its 6.000% class I cumulative redeemable preferred stock of $1.00 par value apiece, at a liquidation value of $225 million of the class I preferred shares, including accrued and unpaid dividends.