Published on 7/7/2020 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Kimco Realty prices $500 million of 2.7% 10-year green notes at 210 bps spread
By Cristal Cody
Tupelo, Miss., July 7 – Kimco Realty Corp. priced $500 million of 2.7% notes due Oct. 1, 2030 (Baa1/BBB+) on Tuesday at 99.543 to yield 2.751%, or a spread of Treasuries plus 210 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Initial price talk was in the 255 bps spread area with guidance improved to the 215 bps area, plus or minus 5 bps.
Deutsche Bank Securities Inc., Jefferies LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, BMO Capital Markets Corp. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used to finance or refinance recently completed, existing or future eligible green projects, including green buildings, energy efficiency and sustainable water and wastewater management.
Kimco is a New Hyde Park, N.Y., real estate investment trust that owns and operates neighborhood and community shopping centers.
| Issuer: | Kimco Realty Corp.
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| Amount: | $500 million
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| Description: | Green notes
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| Maturity: | Oct. 1, 2030
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| Bookrunners: | Deutsche Bank Securities Inc., Jefferies LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, BMO Capital Markets Corp. and J.P. Morgan Securities LLC
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| Senior co-managers: | BNP Paribas Securities Corp., Regions Securities LLC and TD Securities (USA) LLC
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| Co-managers: | BofA Securities, Inc., Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and SunTrust Robinson Humphrey, Inc.
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| Coupon: | 2.7%
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| Price: | 99.543
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| Yield: | 2.751%
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| Spread: | Treasuries plus 210 bps
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| Call features: | Make-whole call before July 1, 2030 at price equal to par plus Treasuries plus 35 bps; thereafter at par
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| Trade date: | July 7
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| Settlement date: | July 13
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 215 bps area, plus or minus 5 bps; initial talk at Treasuries plus 255 bps area
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