Kimco Realty to replace debt, prefund notes via new offering proceeds

By Tali David

Minneapolis, May 14 -Kimco Realty Corp. plans to use the proceeds from a note offering for general corporate purposes, including replacing debt under its $100 million aggregate principal amount of 6.125% senior notes due January 2013, which were repaid at maturity, according to a 424B5 filed with the Securities and Exchange Commission.

The company will also pre-fund near-term maturities, including (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%.

It will also reduce borrowings under its revolving credit facility maturing in October 2015, which now stand at $499.5 million as of March 31.

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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