Kimco refinances with $1.75 billion four-year revolver via JPMorgan

By Susanna Moon

Chicago, Oct. 27 - Kimco Realty Corp. said it closed a $1.75 billion unsecured revolving credit facility with JPMorgan Chase Bank, NA as administrative agent, replacing its $1.5 billion unsecured U.S. credit facility and the $250 million Canadian credit facility.

The facility matures on Oct. 27, 2015, with a one-year extension option, and has an accordion that allows total commitments of up to $2.25 billion, according to a company press release.

There is a $500 million sublimit that allows the company to borrow in alternative currencies, including Canadian dollars, pound sterling, Japanese yen or euros.

Interest on the loans is Libor plus 105 basis points.

Wells Fargo Bank, NA, Royal Bank of Canada and Bank of Nova Scotia are syndication agents. UBS Securities LLC is documentation agent.

J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and RBC Capital Markets are the joint bookrunners.

The company received commitments totaling more than $2.8 billion from 28 banks, Dave Henry, Kimco vice chairman and chief executive officer, said in the release.

"This new credit facility provides us a healthy level of liquidity at advantageous terms over the next five years," Henry added.

Kimco is a real estate investment trust based in New Hyde Park, N.Y., that owns and operates neighborhood and community shopping centers.

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