Published on 8/10/2022 in the Prospect News Investment Grade Daily.
New Issue: Kimco Realty sells $650 million 4.6% long 10-year notes at Treasuries plus 190 bps
By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Aug. 10 – Kimco Realty Corp. priced $650 million of 4.6% notes due Feb. 1, 2033 (Baa1/BBB+) at Treasuries plus 190 basis points on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.43 to yield 4.67%.
Spread talk was in the 215 bps area, according to a source.
BMO Capital Markets Corp., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, BofA Securities, Inc. and Regions Securities LLC are the joint bookrunners.
Proceeds will be used to redeem the company’s notes due April 2023 and June 2023.
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: | $650 million
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| Issue: | Notes
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| Maturity: | Feb. 1, 2033
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| Bookrunners: | BMO Capital Markets Corp., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, BofA Securities, Inc. and Regions Securities LLC
|
| Co-managers: | Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC, BNP Paribas Securities Corp., BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Truist Securities, Inc. and UBS Securities LLC
|
| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | Latham & Watkins LLP
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| Counsel to underwriters: | Sidley Austin LLP
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| Baltimore counsel: | Venable LLP
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| Coupon: | 4.6%
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| Price: | 99.43
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| Yield: | 4.67%
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| Spread: | Treasuries plus 190 bps
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| Call features: | Make-whole call before Nov. 1, 2032 at price equal to par plus Treasuries plus 30 bps; thereafter at par
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| Trade date: | Aug. 10
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| Settlement date: | Aug. 24
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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: | 49446RBA6
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| Price talk: | Treasuries plus 215 bps area
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