By Andrea Heisinger
New York, Aug. 23 - Kimco Realty sold an upsized $175 million, or 7 million shares, of 6.9% perpetual class H cumulative redeemable preferred stock on Monday at par of $25.00, a source close to the sale said.
The size of the deal was initially $100 million.
The preferreds (Baa2/BBB-/BBB-) are non-callable until Aug. 30, 2015.
Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., UBS Investment Bank and Wells Fargo Securities LLC were the bookrunners.
Co-managers were Morgan Keegan & Co. Inc., Piper Jaffray & Co., RBC Capital Markets Corp. and Stifel Nicolaus Weisel.
Proceeds are being used to repay mortgage loans in the amount of $150.1 million with interest rates of 6.75% to 7.87% and maturities of May 2011 to April 2013 and for general corporate purposes.
The real estate investment trust for neighborhood and community shopping centers is based in New Hyde Park, N.Y.
| Issuer: | Kimco Realty
|
| Issue: | Class H cumulative redeemable preferred stock
|
| Amount: | $175 million (7 million shares), upsized from $100 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., UBS Investment Bank, Wells Fargo Securities LLC
|
| Co-managers: | Morgan Keegan & Co. Inc., Piper Jaffray & Co., RBC Capital Markets Corp., Stifel Nicolaus Weisel
|
| Dividend: | 6.9%
|
| Price: | Par of $25.00
|
| Call: | Non-callable until Aug. 30, 2015
|
| Trade date: | Aug. 23
|
| Settlement date: | Aug. 30
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
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