Published on 10/2/2023 in the Prospect News Investment Grade Daily.
New Issue: Kimco Realty sells $500 million 6.4% long 10-year notes at Treasuries plus 178 bps
By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Kimco Realty Corp. priced $500 million of 6.4% notes due March 1, 2034 (Baa1/BBB+) at Treasuries plus 178 basis points on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.59 to yield 6.456%.
The notes were sold via Kimco Realty OP, LLC and are guaranteed by the parent.
Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, TD Securities (USA) LLC, BofA Securities, Inc., Mizuho Securities USA LLC and Scotia Capital (USA) Inc. are the joint bookrunners.
Proceeds will be used for general corporate purposes, including funding for suitable investments and redevelopment opportunities and the repayment of outstanding debt.
The Jericho, N.Y.-based real estate investment trust owns and operates open-air grocery-anchored shopping centers and mixed-use assets in the United States.
| Issuer: | Kimco Realty OP, LLC
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| Guarantor: | Kimco Realty Corp.
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| Amount: | $500 million
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| Issue: | Notes
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| Maturity: | March 1, 2034
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| Bookrunners: | Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, TD Securities (USA) LLC, BofA Securities, Inc., Mizuho Securities USA LLC and Scotia Capital (USA) Inc.
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| Senior co-managers: | BNY Mellon Capital Markets, LLC, Regions Securities LLC and Truist Securities, Inc.
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| Co-managers: | Barclays, BMO Capital Markets Corp., BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments, Inc.
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| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | Latham & Watkins LLP
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| Counsel to underwriters: | Sidley Austin LLP, Venable LLP for Baltimore law
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| Coupon: | 6.4%
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| Price: | 99.59
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| Yield: | 6.456%
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| Spread: | Treasuries plus 178 bps
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| Call features: | Before Dec. 1, 2033 at Treasuries plus 30 bps make-whole call; thereafter at par
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| Trade date: | Oct. 2
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| Settlement date: | Oct. 12
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Distribution: | SEC registered
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| Cusip: | 49446RBB4
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