By Lisa Kerner
Charlotte, N.C., May 5 – Kimco Realty Corp. detailed the sale of the $150 million add-on (Baa1/BBB+) to its 4.25% notes due 2045 according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 97.957 to yield 4.375%.
As previously reported, the company originally priced $350 million of the notes on March 23, 2015 at 98.945 to yield 4.313%, or 180 basis points over Treasuries. The total issue size is now $500 million.
Jefferies LLC is the bookrunner.
The notes are redeemable before Oct. 1, 2044 at par plus accrued 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 maturing during the remainder of 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.
| Issuer: | Kimco Realty Corp.
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| Amount: | $150 million add-on
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| Maturity: | April 1, 2045
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| Securities: | Notes
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| Bookrunner: | Jefferies LLC
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| Coupon: | 4.25%
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| Price: | 99.957
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| Yield: | 4.375%
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| Call option: | Before Oct. 1, 2044 at par plus accrued interest
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| Pricing date: | May 4
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| Settlement date: | May 11
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| Total issue size: | $500 million including $350 million priced on March 23, 2015 at 98.945 to yield 4.313%, or 180 bps over Treasuries
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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