Kimco Realty enters $2 billion five-year revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Feb. 23 – Kimco Realty Corp. said it closed on a new $2 billion unsecured revolving credit facility due March 17, 2027.

Subsidiary Kimco Realty OP, LLC is the borrower.

Interest is initially adjusted term SOFR plus 77.5 basis points, with the margin based on Kimco’s senior debt ratings, according to a news release. The credit agreement also incorporates sustainability-linked adjustments to the interest rate, unused commitment fees and letter-of-credit fees. The applicable margin is subject to upward or downward adjustments on an annual basis if the company achieves, or fails to achieve, certain specified targets based on scope 1 and scope 2 emission standards.

Kimco has two six-month options to extend the loan.

There is a $750 million accordion feature.

The revolver replaces Kimco’s existing $2 billion revolver.

JPMorgan Chase Bank, NA, Wells Fargo Securities, LLC, PNC Capital Markets LLC and RBC Capital Markets served as joint bookrunners, JPMorgan serves as administrative agent and J.P. Morgan Securities LLC is sustainability structuring agent.

JPMorgan, Wells Fargo, PNC, RBC, Bank of Nova Scotia, BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Bank, Ltd., Regions Capital Markets, U.S. Bank NA, Barclays, TD Bank NA, Truist Securities, Inc., BNP Paribas Securities Corp. and BMO Capital Markets Corp. served as joint lead arrangers.

Kimco is a Jericho, N.Y., real estate investment trust that owns and operates neighborhood and community shopping centers.

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