Kimco Realty Corporation Completes $300 Million 6.875% 10-Year Unsecured Senior Note Offering
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Sep. 24, 2009--
Kimco Realty Corporation (NYSE: KIM) today announced the closing of its public offering of
$300 million 10-year unsecured senior notes due 2019 at a coupon of 6.875 percent per annum.
The notes, which were priced at 99.84 percent to yield 6.897 percent, will mature
October 1, 2019. The net proceeds of approximately
$297.3 million will be used to repay
$220.0 million of existing unsecured term loans which were scheduled to mature in
April 2011. The company will use the remaining proceeds for general corporate purposes which includes the repayment of other indebtedness such as 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.
J.P. Morgan,
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.
The offering was made solely by means of a prospectus. Copies of the prospectus supplement and the base prospectus relating to these securities were filed with the
Securities and Exchange Commission on
September 18, 2009 and are available at the
SEC web site at
www.sec.gov. Copies of the prospectus supplement and the base prospectus may also be obtained by contacting
J.P. Morgan Securities Inc. at 212-834-4533,
Morgan Stanley & Co. Incorporated at 1-866-718-1649 or
Wells Fargo Securities, LLC at 1-800-326-5897.
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.
