Kimco Realty Corporation Announces $500 Million Public Offering

Strategic Insights -

Kimco Realty Corporation's subsidiary, Kimco Realty OP, LLC, has priced a public offering of $500 million aggregate principal amount of 4.850% notes due 2035. The notes will be fully and unconditionally guaranteed by the Company, and the offering is expected to settle on September 16, 2024, subject to customary closing conditions. The net proceeds from the offering will be used for general corporate purposes, including funding for suitable investments and redevelopment opportunities and the repayment of outstanding indebtedness at or in advance of maturity.

Key Takeaways:

  • The public offering of $500 million aggregate principal amount of 4.850% notes due 2035 is priced at an effective yield of 4.873% and matures on March 1, 2035.
  • The notes are fully and unconditionally guaranteed by Kimco Realty Corporation.
  • The offering is being made pursuant to an effective shelf registration statement, base prospectus, and related prospectus supplement.
  • The net proceeds from the offering will be used for general corporate purposes, including funding for suitable investments and redevelopment opportunities and the repayment of outstanding indebtedness.
  • Joint book-running managers in connection with the offering include BofA Securities, Inc., Mizuho Securities USA LLC, Regions Securities LLC, U.S. Bancorp Investments, Inc., Scotia Capital Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., and Truist Securities, Inc.
  • Senior co-managers in connection with the offering include PNC Capital Markets LLC, RBC Capital Markets, LLC, and TD Securities LLC.
  • Co-managers in connection with the offering include Barclays Capital Inc., BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc., and Goldman Sachs & Co. LLC.

Statistics:

  • $500 million aggregate principal amount of notes offered.
  • 4.850% interest rate on the notes.
  • 4.873% effective yield on the notes.
  • $500 million net proceeds expected from the offering.
  • March 1, 2035, maturity date of the notes.
  • September 16, 2024, settlement date of the offering, subject to customary closing conditions.

Sources:

  • Kimco Realty Corporation
  • BofA Securities, Inc.
  • Mizuho Securities USA LLC
  • Regions Securities LLC
  • U.S. Bancorp Investments, Inc.
  • Scotia Capital Inc.
  • BMO Capital Markets Corp.
  • BNP Paribas Securities Corp.
  • Truist Securities, Inc.
  • EDGAR on the Securities and Exchange Commission.