By Cristal Cody
Tupelo, Miss., Dec. 11 – Kimco Realty Corp. priced $230 million of 5.25% $25-par class M cumulative redeemable preferred shares (Baa2/BBB-/BBB-) on Monday, according to an FWP filed with the Securities and Exchange Commission.
The company sold 9.2 million depositary shares in the offering at $25.00 per depositary share. Each depositary share represents 1/1000th of a share of the series M preferred stock.
The deal includes an over-allotment option of 1.38 million depositary shares.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC were the bookrunners.
The company plans to list the 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.
| Issuer: | Kimco Realty Corp.
|
| Amount: | $230 million, 9.2 million depositary shares
|
| Greenshoe: | $34.5 million, or 1.38 million depositary shares
|
| Description: | Class M cumulative redeemable preferred shares
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC
|
| Co-managers: | Barclays, BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc. and Mizuho Securities USA LLC
|
| Dividend: | 5.25%
|
| Price: | $25.00 per depositary share
|
| Yield: | 5.25%
|
| Call features: | On or after Dec. 20, 2022 at $25.00 per depositary share
|
| Trade date: | Dec. 11
|
| Settlement date: | Dec. 20
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
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