Kimco Realty announces plans to conduct offering of fixed-rate notes

By Devika Patel

Knoxville, Tenn., March 22 – Kimco Realty Corp. is expected to price dollar-denominated fixed-rate notes, according to a 424B5 filing with the Securities and Exchange Commission.

The notes have a make-whole call and are then redeemable at par.

The bookrunners are Barclays, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC.

Proceeds will be used for general corporate purposes, specifically to pre-fund 2017 debt maturities, including $414 million of mortgage debt with a weighted average interest rate of 5.49%, and partially reduce $420 million of borrowings under the company’s revolving credit facility maturing in March 2021.

Kimco is a New Hyde Park, N.Y., real estate investment trust that owns and operates neighborhood and community shopping centers.

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