Kimco Realty talks $350 million seven-year notes for Monday pricing

By Aleesia Forni

Virginia Beach, April 14 - Kimco Realty Corp. is preparing to sell $350 million of seven-year notes (Baa1/BBB+/) Monday, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The notes are being guided at 125 basis points to 130 bps over Treasuries.

The bookrunners are Citigroup Global Markets Inc., UBS Securities LLC and Wells Fargo Securities LLC.

Proceeds will be used for general corporate purposes, including the repayment of borrowings under the company's revolving credit facility due in October 2018 and the pre-funding of near-term maturities, including the $100 million of 5.95% senior notes due June 2014, $194.6 million of 4.82% senior notes due June 2014 and $97.6 million of mortgage debt maturing in 2014.

The real estate investment trust for neighborhood and community shopping centers is based in New Hyde Park, N.Y.

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