Published on 3/23/2015 in the Prospect News Investment Grade Daily.
New Issue: Kimco sells $350 million 4.25% 30-year notes at 180 bps spread
By Aleesia Forni
Virginia Beach, March 23 – Kimco Realty Corp. sold $350 million of 4.25% 30-year senior notes (Baa1/BBB+/) on Monday with a spread of 180 basis points over Treasuries, according to a market source and a FWP filing with the Securities and Exchange Commission.
Pricing was at 98.945 to yield 4.313%.
The notes priced at the tight end of guidance set in the 185 bps area over Treasuries.
The bookrunners were BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC.
Proceeds will be used for general corporate purposes, including the pre-funding of near-term maturities and to partially reduce borrowings under its revolving credit facility maturing in March 2018.
The real estate investment trust for neighborhood and community shopping centers is based in New Hyde Park, N.Y.
| Issuer: | Kimco Realty Corp.
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2045
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC
|
| Senior co-managers: | U.S. Bancorp Investments Inc., Wells Fargo Securities LLC
|
| Co-managers: | BB&T Capital Markets, BBVA Securities Inc., Citigroup Global Markets Inc., Mizuho Securities USA Inc., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, UBS Securities LLC
|
| Coupon: | 4.25%
|
| Price: | 98.945
|
| Yield: | 4.313%
|
| Spread: | 180 bps
|
| Trade date: | March 23
|
| Settlement date: | March 30
|
| Make-whole call: | 30 bps prior to Oct. 1, 2044, then callable at par
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| Distribution: | SEC-registered
|
| Price guidance: | 185 bps area
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
