Kimco Realty to repay up to $400 million of term loan debt via notes

By Tali Rackner

Norfolk, Va., Nov. 1 – Kimco Realty Corp. plans to repay up to $400 million of borrowings under its $650 million term loan due January 2017 with the proceeds from two new senior note offerings, according to a 424B5 filing with the Securities and Exchange Commission.

Proceeds will also be used to prefund 2017 debt maturities, including $505.6 million of mortgage debt outstanding with a weighted average interest rate of 5.6%, and any associated prepayment penalties.

Prior to the repayment of the 2017 debt maturities, proceeds from the offering may be used for any purpose, including to temporarily reduce borrowings (of which $225 million were outstanding as of Sept. 30) under the company’s revolving credit facility due March 2018.

Kimco Realty is a real estate investment trust based in New Hyde Park, N.Y., that owns and operates open-air shopping centers.

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