Kimco Realty to reduce revolver debt with new note offering proceeds

By Tali Rackner

Norfolk, Va., March 22 – Kimco Realty Corp. plans to partially reduce borrowings under its revolving credit facility maturing in March 2021 using the proceeds from a new note offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of Feb. 1, there was $420 million outstanding under the revolver.

Proceeds will also be used to pre-fund 2017 debt maturities, including $414 million of mortgage debt outstanding with a weighted average interest rate of 5.49%.

Kimco is a New Hyde Park, N.Y., real estate investment trust that owns and operates neighborhood and community shopping centers

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