Kimco Realty Corp.priced an additional $150 million aggregate principal amount of its 4.25% notesdue 2045 with an effective yield of 4.375% maturing April 1, 2045.
The company said the new notes constitute an additional issuanceof, and form a single series with, the $350 million aggregate principal amount of4.25% notes due 2045 issued in March2015.
Upon consummation of the new note offering, the aggregate principalamount outstanding of 4.25% notes due 2045, including the offering of new notes,will be $500 million. Subsequently, all outstanding notes will have a coupon of4.25%, will trade interchangeably as a single series and will mature April 1, 2045.
The company will use the net proceeds for general corporate purposes,including to pre-fund near-term maturities, including a part of the $201.4 millionof mortgage debt maturing during the remainder of 2016 with a weighted average interestrate of 5.46%.
The offering is expected to close May 11, subject to customaryclosing conditions.
Jefferies LLC is the sole book-running manager for the offering.