Kimco Realty gets $375 million one-year term loan for added liquidity

By Marisa Wong

Los Angeles, April 2 – Kimco RealtyCorp. said it has further strengthened its financial flexibility by obtaining a new $375 million unsecured term loan facility aimed at enhancing the company’s abundant liquidity position.

The new facility, which has an accordion feature for an additional $750 million, subject to further syndication of the term loan, is scheduled to mature April 2021 and is extendable by one year until April 2022.

Interest on the term loan accrues at Libor plus 140 basis points, subject to adjustment based on changes in Kimco’s senior debt ratings.

With the proceeds of this term loan, Kimco will have about $800 million of cash on its balance sheet, according to a press release.

The company said this strong cash position, together with the over $1.3 billion available under its revolving credit facility and more than 300 unencumbered properties, provides sufficient financial capacity to meet its $171.9 million of pro-rata debt obligations maturing during 2020, all of which is secured non-recourse debt.

Kimco is a real estate investment trust based in Jericho, N.Y.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.