Kimco Realty plans to reopen 4.25% notes due 2045

By Cristal Cody

Eureka Springs, Ark., May 4 – Kimco Realty Corp. plans to price an add-on to its 4.25% notes due April 1, 2045, according to a 424B5 filed with the Securities and Exchange Commission on Wednesday.

The company originally sold $350 million of the notes on March 23, 2015 at 98.945 to yield 4.313%, or 180 basis points over Treasuries.

Jefferies is the bookrunner.

The notes are redeemable before Oct. 1, 2044 at par plus accrued and unpaid interest.

Proceeds will be used for general corporate purposes, including to prefund near-term maturities, such as a portion of the $201.4 million of mortgage debt due in 2016 with a weighted average interest rate of 5.46%.

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

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