Kimco Realty enters $2 billion revolver at Libor plus 77.5 bps

By Wendy Van Sickle

Columbus, Ohio, Feb. 27 – Kimco Realty Corp. said it closed on a new $2 billion unsecured revolving credit facility due March 17, 2024.

Interest is initially Libor plus 77.5 basis points, with the margin based on Kimco’s senior debt ratings, according to a news release.

Kimco also has a competitive bid option whereby Kimco may auction requested borrowings to the bank group.

Kimco has two six-month options to extend the loan for a possible final maturity of March 17, 2025.

There is a $750 million accordion feature.

The revolver replaces Kimco’s existing $2.25 billion revolver.

JPMorgan Chase Bank, NA, Wells Fargo Securities, LLC, PNC Capital Markets LLC and RBC Capital Markets served as joint bookrunners, and JPMorgan serves as administrative agent.

JPMorgan, Wells Fargo, PNC, RBC, Bank of Nova Scotia, BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Bank, Ltd., Regions Capital Markets, U.S. Bank NA, Barclays Bank plc, TD Securities Inc., SunTrust Robinson Humphrey, Inc., BNP Paribas Securities Corp. and BMO Capital Markets Corp. served as joint lead arrangers.

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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