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Kimco Realty to sell class M cumulative redeemable preferreds
By Devika Patel
Knoxville, Tenn., Dec. 11 – Kimco Realty Corp. plans to sell $25-par class M cumulative redeemable preferred shares, according to a prospectus filed with the Securities and Exchange Commission.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC, J.P. Morgan Securities LLC and RBC Capital Markets Corp. are the bookrunners.
Dividends will be cumulative and will be payable quarterly on Jan. 15, April 15, July 15 and Oct. 15 of each year.
Beginning in December 2022, the preferreds are redeemable at $25,000 per preferred, which is equivalent to $25.00 per depositary share, plus any unpaid dividends.
The company plans to list the new preferreds on the New York Stock Exchange.
Proceeds will be used for general corporate purposes, including development and redevelopment, redemption of other classes of preferred stock and debt reduction.
Kimco is a New Hyde Park, N.Y.-based real estate investment trust.
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