Kimco enters new $1.75 billion unsecured revolver with 23 lenders

By Jennifer Chiou

New York, March 18 - Kimco Realty Corp. announced that it closed on a new $1.75 billion unsecured revolving credit facility with JPMorgan Chase Bank, NA as administrative agent.

According to a news release, the company has commitments from 23 lending institutions.

J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and RBC Capital Markets acted as joint bookrunners with Wells Fargo Bank, NA, RBC Capital Markets and the Bank of Nova Scotia as syndication agents.

Bank America NA, Citibank NA, Deutsche Bank Securities Inc., PNC Bank NA, Regions Bank, UBS Securities LLC and Union Bank NA were the documentation agents.

The new facility may be increased to $2.25 billion through an accordion feature. It matures on March 17, 2018 and has two additional six-month extension options.

Borrowings will bear interest at Libor plus 92.5 basis points. There is a $500 million sub-limit to borrow in alternative currencies, including Canadian dollars, sterling, Japanese yen or euros.

The new loan replaces Kimco's existing $1.75 billion unsecured credit facility.

"The new credit facility's competitive terms demonstrate the strength of Kimco's balance sheet," executive vice president, CFO and treasurer Glenn G. Cohen said in the release.

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

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