Published on 2/15/2022 in the Prospect News Investment Grade Daily.
New Issue: Kimco Realty sells $600 million 3.2% long 10-year notes at Treasuries plus 125 bps
By Wendy Van Sickle
Columbus, Ohio, Feb. 15 – Kimco Realty Corp. priced $600 million of 3.2% notes due April 1, 2032 (Baa1/BBB+) at Treasuries plus 125 basis points on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.169 to yield 3.297%.
Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC are the joint bookrunners.
Proceeds of the notes, as well as cash on hand, will be used to redeem all of Kimco Realty’s outstanding 3.4% notes due Nov. 1, 2022.
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.
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| Amount: | $600 million
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| Issue: | Notes
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| Maturity: | April 1, 2032
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| Bookrunners: | Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC
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| Senior co-managers: | BMO Capital Markets Corp., Mizuho Securities USA LLC, PNC Capital Markets LLC, Regions Securities LLC and U.S. Bancorp Investments, Inc.
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| Co-managers: | BofA Securities, Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Samuel A. Ramirez & Co., Inc., Scotia Capital (USA) Inc. and Truist Securities, Inc.
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| Coupon: | 3.2%
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| Price: | 99.169
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| Yield: | 3.297%
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| Spread: | Treasuries plus 125 bps
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| Call features: | Make-whole call before Jan. 1, 2032 at price equal to par plus Treasuries plus 20 bps; thereafter at par
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| Trade date: | Feb. 15
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| Settlement date: | Feb. 25
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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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| Cusip: | 49446RAZ2
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