Skip to content Skip to sidebar Skip to footer

Kimco Realty Corp. closed on a new $2.25 billion unsecured revolving credit facility with 19 lending institutions

NEW HYDE PARK, N.Y., 2017-Feb-03 — /EPR Retail News/ — Kimco Realty Corp. (NYSE:KIM), one of North America’s largest publicly traded owner and operator of open air shopping centers, announced that it has closed on a new $2.25 billion unsecured revolving credit facility with commitments from 19 lending institutions, replacing the company’s existing $1.75 billion unsecured credit facility. The new facility is scheduled to mature on March 17, 2021 (or March 17, 2022 if Kimco exercises two six-month options to extend the maturity date). Interest on borrowings accrues at an annual rate of LIBOR plus 87.5 basis points. In addition, the facility includes a $500 million sub-limit which provides the company the opportunity to borrow in alternative currencies including Canadian dollars, British pounds sterling, Japanese yen or euros.

“The strength of Kimco’s balance sheet continues to be demonstrated by the company’s ability to access capital at highly competitive terms,” said Glenn G. Cohen, Kimco executive vice president, CFO and treasurer. This new credit facility will provide the financial flexibility and liquidity necessary to pursue our 2020 Vision over the next several years. We are grateful to our bank group and the valuable role they play in helping us achieve these goals.”

JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, PNC Capital Markets LLC and RBC Capital Markets served as Joint Bookrunners, JPMorgan Chase Bank, N.A. served as Administrative Agent, and JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, PNC Capital Markets LLC, RBC Capital Markets, The Bank of Nova Scotia, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Mizuho Bank, Ltd., Regions Capital Markets, U.S. Bank National Association, Barclays Bank PLC and Deutsche Bank Securities Inc. served as Joint Lead Arrangers.

ABOUT KIMCO

Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is North America’s largest publicly traded owner and operator of open-air shopping centers. As of September 30, 2016, the company owned interests in 534 U.S. shopping centers comprising 86 million square feet of leasable space across 35 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

Contact:
David F. Bujnicki
1-866-831-4297
Senior Vice President
Investor Relations and Strategy
dbujnicki@kimcorealty.com

Source: Kimco Realty Corporation

EPR Retail News