Kimco Realty to sell class J cumulative redeemable preferreds, to redeem class F preferreds

By Stephanie N. Rotondo

Phoenix, July 16 - Kimco Realty Corp. plans to sell at least $150 million of class J cumulative redeemable preferreds, according to a prospectus filed with the Securities and Exchange Commission on Monday.

A trader said price talk was originally 5.625% to 5.75%. It was then revised to 5.5% to 5.625%.

The preferreds will be issued as depositary shares representing a 1/1,000th interest in the class J stock.

Dividends will be payable quarterly on the 15th day of January, April, July and October, beginning Oct. 15.

The preferred stock will become redeemable in July 2017. There is no stated maturity.

Ownership will be restricted to 9.8% of the outstanding preferreds.

Kimco will apply to list the new series of preferreds on the New York Stock Exchange.

Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

Proceeds will be used to redeem the company's class F preferreds on or about Aug. 15 and for general corporate purposes.

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

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