KIM - Kimco Realty® Upsizes Term Loan Facility to $500 Million | Benzinga
JERICHO, N.Y., July 17, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE:KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, announced today that it has amended and upsized its unsecured term loan to $500 million from the prior amount of $200 million.
The amendment incorporates the inclusion of four additional banks with the terms, applicable spread, maturity date and credit covenants unchanged from the term loan agreement Kimco entered into on January 2, 2024 with TD Bank, N.A. Subsequently, the company entered into interest rate swap agreements, fixing the rate on the incremental term loans to a blended rate of 4.78%. Proceeds will be used for general corporate purposes including but not limited to, reduction of outstanding borrowings under the company's unsecured revolving credit facility.
"We are grateful for the support of our banking partners. Their commitment to Kimco further strengthens our ability to maintain a robust balance sheet with ample liquidity," said Glenn G. Cohen, Kimco Executive Vice President and Chief Financial Officer. "With their support, we will continue to invest opportunistically and build long-term value for our stakeholders."
Toronto Dominion (Texas) LLC served as Administrative Agent, Royal Bank of Canada and U.S. Bank National Association served as Syndication Agents, BNP Paribas and Scotia Financing (USA) LLC, served as Documentation Agents, TD Securities (USA) LLC served as Sole Bookrunner and Joint Lead Arranger and Royal Bank of Canada and U.S. Bank National Association, served as Joint Lead Arrangers on the upsized $500 million unsecured term loan.
About Kimco Realty®
Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company's portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 60 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of March 31, 2024, the company owned interests in 569 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.
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