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Kimco Realty to pre-fund three series of notes via offering proceeds
By Tali Rackner
Norfolk, Va., April 14 - Kimco Realty Corp. plans to use the proceeds from a senior notes offering to pre-fund near-term maturities, according to a 424B5 filing with the Securities and Exchange Commission.
These include one or more of its $100 million of 5.95% senior notes due June 2014; $194.6 million of 4.82% senior notes due June 2014; and $97.6 million of mortgage debt maturing during the remainder of 2014 with a weighted average interest rate of 6.14%.
Proceeds will also be used to partially reduce borrowings under the company's revolving credit facility maturing in October 2018. As of Dec. 31, there were $194.5 million of borrowings outstanding under the facility.
Kimco is a real estate investment trust based in New Hyde Park, N.Y.
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