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Published on 5/14/2013 in the Prospect News Bank Loan Daily.

Kimco Realty to use note offering proceeds to reduce credit facility

By Tali David

Minneapolis, May 14 -Kimco Realty Corp. plans to use the proceeds from a note offering to reduce borrowings under its revolving credit facility maturing in October 2015, according to a 424B5 filed with the Securities and Exchange Commission.

As of March 31, $499.5 million is outstanding under the facility.

The company said it will also replace debt under its $100 million aggregate principal amount of 6.125% senior notes due January 2013, which were repaid at maturity and pre-fund near-term maturities, including its (a) $75 million aggregate principal amount of 4.7% senior notes due June 2013; (b) $100 million aggregate principal amount of 5.19% senior notes due October 2013; and (c) $67 million of mortgage debt maturing during 2013 with a weighted average interest rate of 5.93%.

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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