By Andrea Heisinger
New York, Sept. 17 - Kimco Realty Corp. priced an upsized $300 million 6.875% 10-year unsecured notes Thursday to yield Treasuries plus 350 basis points, an informed source said.
The size was increased from $250 million, he said.
The notes (Baa1/BBB+/) priced at 99.84 to yield 6.897%. They have a make-whole call at Treasuries plus 50 bps.
Bookrunners were J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc. and Wells Fargo Securities.
Proceeds will be used to repay $220 million in debt and for general corporate purposes.
The owner and operator of shopping centers is based in New Hyde Park, N.Y.
| Issuer: | Kimco Realty Corp.
|
| Issue: | Unsecured notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | Oct. 1, 2019
|
| Bookrunners: | J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., Wells Fargo Securities
|
| Coupon: | 6.875%
|
| Price: | 99.84
|
| Yield: | 6.897%
|
| Spread: | Treasuries plus 350 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Sept. 17
|
| Settlement date: | Sept. 24
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
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