Published on 11/28/2012 in the Prospect News Investment Grade Daily and Prospect News Preferred Stock Daily.
New Issue: Kimco sells upsized $175 million perpetual preferreds at par with 5.625% dividend
By Stephanie N. Rotondo
Phoenix, Nov. 28 - Kimco Realty Corp. sold $175 million of 5.625% class K cumulative redeemable perpetual preferred stock, according to an FWP filed with the Securities and Exchange Commission on Wednesday.
Dividends will be paid on the 15th day of January, April, July and October, beginning April 15, 2013. The preferred shares become redeemable on or after Dec. 7, 2017 at par plus accrued dividends.
The stock will be listed on the New York Stock Exchange.
Bank of America Merrill Lynch, Citigroup Global Markets Inc., UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.
Proceeds will be used for general corporate purposes, including the redemptions of $198.9 million of 6% senior unsecured notes due Nov. 30, 2012 and to reduce borrowings under a revolving credit facility maturing in October 2015.
Kimco is a New Hyde Park, N.Y.-based real estate investment trust.
| Issuer: | Kimco Realty Corp.
|
| Securities: | Class K cumulative redeemable preferred stock
|
| Amount: | $175 million, or 7 million shares
|
| Greenshoe: | $26.25 million, or 1.05 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., UBS Securities LLC, Wells Fargo Securities LLC
|
| Joint lead managers: | J.P. Morgan Securities LLC, RBC Capital Markets LLC
|
| Co-managers: | Barclays, BNY Mellon Capital Markets LLC, Credit Suisse Securities (USA) Inc., Deutsche Bank Securities Inc., Piper Jaffray, Raymond James & Associates Inc.
|
| Dividend: | 5.625%
|
| Price: | Par of $25.00
|
| Yield: | 5.625%
|
| Talk: | 5.625% to 5.75%
|
| Call options: | On or after Dec. 7, 2017 at par plus accrued dividends
|
| Pricing date: | Nov. 28
|
| Settlement date: | Dec. 7
|
| Expected ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Cusip: | 49446R745
|
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