New Issue: Kimco Realty prices $350 million 3.7% 30-year notes at 182 bps spread

By Cristal Cody

Tupelo, Miss., Aug. 15 – Kimco Realty Corp. sold $350 million of 3.7% 30-year notes (Baa1/BBB+/BBB+) on Thursday at 98.832 to yield 3.765%, according to an FWP filed with the Securities and Exchange Commission.

The notes priced at a spread of Treasuries plus 182 basis points.

Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., RBC Capital Markets, LLC and Jefferies LLC were the bookrunners.

Proceeds will be used to redeem the company's $175 million of 6% class I preferred stock and its $175 million of 5.625% class K preferred stock and for general corporate purposes.

Kimco is a New Hyde Park, N.Y., real estate investment trust that owns and operates neighborhood and community shopping centers.

Issuer:	Kimco Realty Corp.
Amount:	$350 million
Description:	Notes
Maturity:	Oct. 1, 2049
Bookrunners:	Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., RBC Capital Markets, LLC and Jefferies LLC
Senior co-managers:	Deutsche Bank Securities Inc. and Regions Securities LLC
Co-managers:	BB&T Capital Markets, BNY Mellon Capital Markets, LLC, Scotia Capital (USA) Inc., and U.S. Bancorp Investments, Inc.
Coupon:	3.7%
Price:	98.832
Yield:	3.765%
Spread:	Treasuries plus 182 bps
Call features:	Make-whole call before April 1, 2049 at price equal to par plus Treasuries plus 30 bps; thereafter at par
Trade date:	Aug. 15
Settlement date:	Aug. 29
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: BBB+
Distribution:	SEC registered

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