By Andrea Heisinger
Omaha, Oct. 2 - Kimco Realty Corp. priced $400 million 7.75% cumulative preferred stock Tuesday at $25 per share, according to an informed source.
The company sold 16,000,000 depository shares.
The preferred shares (Baa2/BBB+) are perpetual and callable on dividend dates starting Oct. 10, 2012.
Bookrunners were Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., UBS Securities LLC and Wachovia Capital Markets, LLC.
Proceeds will be used for general corporate purposes that may include funding investments.
The company builds and operates shopping centers and is based in New Hyde Park, N.Y.
| Issuer: | Kimco Realty Corp.
|
| Issue: | Depository shares of preferred stock
|
| Amount: | $400 million
|
| Shares: | 16,000,000
|
| Maturity: | Perpetual
|
| Bookrunners: | Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Inc., UBS Securities LLC, Wachovia Capital Markets, LLC
|
| Dividend: | 7.75% (cumulative)
|
| Price: | $25 per share
|
| Call: | On dividend dates starting Oct. 10, 2012
|
| Trade date: | Oct. 2
|
| Settlement date: | Oct. 10
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
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