Kimco Realty offers $150 million cumulative redeemable preferreds; price talk 5.125%-5.25%

By Stephanie N. Rotondo

Seattle, Aug. 7 – Kimco Realty Corp. intends to price $150 million of class L cumulative redeemable preferred stock (expected ratings: Baa2/BBB-), according to a prospectus filed with the Securities and Exchange Commission on Monday.

Price talk is 5.125% to 5.25%, a market source reported.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

Dividends will be payable on the 15th day of January, April, July and October. The preferreds become redeemable in August 2022 at par plus accrued dividends.

The new securities will be listed on the New York Stock Exchange.

The New Hyde Park, N.Y.-based real estate investment trust plans to use proceeds for general corporate purposes, including the possible redemption of the company’s 6% class I cumulative redeemable preferreds and the 5.5% class J cumulative redeemable preferreds, the reduction of outstanding debt and the funding of development and redevelopment costs.

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