Kimco Realty to launch class I cumulative redeemable preferred stock

By Stephanie N. Rotondo

Portland, Ore., March 8 - Kimco Realty Corp. plans to issue class I cumulative redeemable perpetual preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Thursday.

When approved by the board of directors, dividends will be payable quarterly on the 15th day of January, April, July and October. The paper will become redeemable, at the company's option, in March 2017.

The company intends to list the preferreds 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 reduction of borrowings under a revolving credit facility maturing in October 2015 and the redemption of shares of preferred stock when they become redeemable, at the company's option.

Kimco is a New Hyde Park, N.Y.-based real estate investment trust.

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