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Kimco Realty launches preferred stock offering

Kimco Realty Corp. launched an offering of an undisclosed amount of its depositary shares, with each share representing a 1/1,000 interest in a share of its class L cumulative redeemable preferred stock.

The offering also carries a 30-day overallotment option for the underwriters to acquire additional shares.

The company aims to use the net proceeds for general corporate purposes, including the redemption of depositary shares representing one or more classes or series of its outstanding preferred stock, including its 6.000% class I cumulative redeemable preferred stock and the 5.50% class J cumulative redeemable preferred stock, reduction of its outstanding debt and for financing of development and redevelopment costs.

BofA Merrill Lynch, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities are the joint book-running managers.