Kimco to use preferreds offering proceeds to reduce credit facility

By Tali David

Minneapolis, March 9 - Kimco Realty Corp. plans to use the proceeds of its $400 million offering of 6% class I cumulative redeemable preferred stock for general corporate purposes, including to reduce borrowings outstanding under its revolving credit facility, the company announced in a press release.

Kimco plans to reduce the facility by at least $225 million and to also redeem shares of the company's preferred stock when they become callable.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.