Published on 9/13/2021 in the Prospect News Investment Grade Daily.
New Issue: Kimco sells upsized $500 million long 10-year notes at Treasuries plus 98 bps area
By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Sept. 13 – Kimco Realty Corp. priced $500 million of 2.25% notes due Dec. 1, 2031 (Baa1/BBB+) at Treasuries plus 98 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.536 to yield 2.301%.
The issue size was upsized from an expected $350 million.
The notes were talked in the Treasuries plus 125 basis points area, a market source told Prospect News.
BofA Securities, Inc., PNC Capital Markets LLC, Truist Securities, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp. and J.P. Morgan Securities LLC are the joint bookrunners.
Proceeds will be used for general corporate purposes, including repayment of borrowings under the company’s unsecured revolving credit facility and funding for acquisition and redevelopment opportunities.
The Jericho, N.Y.-based real estate investment trust owns and operates open-air grocery-anchored shopping centers and mixed-use assets in the United States.
| Issuer: | Kimco Realty Corp.
|
| Amount: | $500 million
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| Description: | Notes
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| Maturity: | Dec. 1, 2031
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| Bookrunners: | BofA Securities, Inc., PNC Capital Markets LLC, Truist Securities, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp. and J.P. Morgan Securities LLC
|
| Senior co-managers: | Citigroup Global Markets Inc., Morgan Stanley & Co. and Regions Securities LLC
|
| Co-managers: | Barclays, BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc., RBC Capital Markets, LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc. and UBS Securities LLC
|
| Coupon: | 2.25%
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| Price: | 99.536
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| Yield: | 2.301%
|
| Spread: | Treasuries plus 98 bps
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| Call features: | Make-whole call before Sept. 1, 2031 at price equal to par plus Treasuries plus 15 bps; thereafter at par
|
| Trade date: | Sept. 13
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| Settlement date: | Sept. 22
|
| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 125 bps area
|
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