Kimco tenders for $300 million of 4.3% notes due 2018 until Monday

By Susanna Moon

Chicago, Aug. 1 – Kimco Realty Corp. is tendering for its $300 million of outstanding 4.3% series E medium-term notes due 2018 until 5 p.m. ET on Aug. 7.

Pricing will be set at 2 p.m. ET on Aug. 7 using the bid-side price of the 0.75% Treasury note due Oct. 31, 2017 plus a fixed spread of 20 basis points for a hypothetical purchase price of $1,006.63 for each $1,000 principal amount.

Holders also will receive accrued interest to but excluding the settlement date of Aug. 10.

The tender is contingent upon the company closing a proposed debt financing with enough proceeds to fund the offer but does not require that any minimum amount of notes be tendered.

The company plans to price dollar-denominated notes in two tranches due 2025 and 2047, according to an announcement attached to an 8-K filing with the Securities and Exchange Commission.

Tendered notes may be withdrawn at any time before the offer ends.

The hypothetical purchase price was set using the reference U.S. treasury security at 2 p.m. ET on July 31.

RBC Capital Markets, LLC (877 381-2099 or 212 618-7822) is the dealer manager. The information agent is Global Bondholder Services Corp. (866 470-3900, 212 430-3774, contact@gbsc-usa.com or gbsc-usa.com/Kimco/).

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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