By Andrea Heisinger
New York, May 14 - Kimco Realty Corp. priced an upsized $350 million of 3.125% 10-year notes (Baa1/BBB+/BBB+) Tuesday at a spread of 125 basis points over Treasuries, a market source said.
The size was increased from $300 million.
Pricing was at 99.267 to yield 3.211%.
There will be a make-whole call at 20 bps over Treasuries until March 1, 2023 and a par call after that date.
Bookrunners were J.P. Morgan Securities LLC, Barclays, Morgan Stanley & Co. LLC and RBC Capital Markets LLC.
Proceeds will be used for general corporate purposes, including to reduce borrowings under a revolving credit facility maturing in October 2015; to replace debt under a $100 million maturity of 6.125% senior notes that were redeemed upon maturity in January 2013; and to prefund near-term maturities.
Kimco was last in the U.S. bond market with a $300 million offering of notes due 2018 on Aug. 25, 2010.
The real estate investment trust for neighborhood and community shopping centers is based in New Hyde Park, N.Y.
| Issuer: | Kimco Realty Corp.
|
| Issue: | Notes
|
| Amount: | $350 million, upsized from $300 million
|
| Maturity: | June 1, 2023
|
| Bookrunners: | J.P. Morgan Securities LLC, Barclays, Morgan Stanley & Co. LLC, RBC Capital Markets LLC
|
| Senior co-managers: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., BofA Merrill Lynch, UBS Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | BNY Mellon Capital Markets LLC, Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC, Regions Financial, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
|
| Coupon: | 3.125%
|
| Price: | 99.267
|
| Yield: | 3.211%
|
| Spread: | Treasuries plus 125 bps
|
| Call: | Make-whole at Treasuries plus 20 bps to March 1, 2023, par call after
|
| Trade date: | May 14
|
| Settlement date: | May 23
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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