Kimco gets $200 million term loan, assumes RPT Realty debt via acquisition

By Mary Katherine Stinson

Lexington, Ky., Jan. 3 – Kimco Realty OP, LLC entered a new $200 million unsecured term loan credit facility agreement on Jan. 2, as well as assuming RPT Realty’s debt under its then existing unsecured term loans, according to an 8-K filing with the Securities and Exchange Commission.

TD Bank, NA is the administrative agent for the new credit facility.

Borrowings will accrue interest at adjusted term SOFR plus a current spread of 85 basis points, which fluctuates with changes in Kimco’s senior debt ratings.

Also on Jan. 2, RPT OP’s revolving commitments were terminated and Kimco OP assumed RPT OP’s obligations under its then-existing unsecured term loans.

Under the syndicated term loan agreement, Kimco OP is now the borrower of $50 million in tranche A-1 term loans maturing in November 2026, $100 million of tranche A-2 term loans maturing in February 2027, $50 million of tranche A-3 term loans maturing in August 2027 and $110 million of tranche A-4 term loans maturing in February 2028.

Borrowings under the syndicated term loan agreement will accrue interest at adjusted term SOFR plus a current spread of 90.5 bps, which may be adjusted based on Kimco’s senior debt ratings. The agreement also incorporates sustainability-linked adjustments to the interest rate.

Both agreements are guaranteed by parent Kimco Realty Corp.

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

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