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Kimco gets tenders for $211 million 4.3% notes due 2018, sets pricing
By Susanna Moon
Chicago, Aug. 8 – Kimco Realty Corp. said holders had tendered $210,988,000 principal amount, or 70.33%, of its $300 million of outstanding 4.3% series E medium-term notes due 2018 in the offer that ended at 5 p.m. ET on Aug. 7.
The purchase price will be $1,006.56 for each $1,000 principal amount, according to a company announcement.
Pricing was 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 reference yield of 1.177%, according to a separate company notice.
Holders also will receive accrued interest to but excluding the settlement date of Aug. 10.
As announced Aug. 1, the tender was contingent upon the company closing a proposed debt financing with enough proceeds to fund the offer.
As reported, Kimco sold $850 million of notes in two tranches on Aug. 1.
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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