KIM - Kimco Realty unit closes on new $2B revolving credit facility

• Kimco Realty ( NYSE: KIM ) said Thursday its unit Kimco Realty OP closed on a new $2B unsecured revolving credit facility , replacing its existing $2B revolving credit facility.
• The new facility, expandable to $2.75B under an accordion feature, is scheduled to mature on March 17, 2027.
• The facility has two six-month options to extend the maturity date.
• Interest on borrowings under the facility accrues at a spread (currently 0.775%) to adj. term SOFR or, at the company’s option, a spread (currently 0%) to the base rate defined in the credit agreement.
• The facility also has sustainability-linked adjustments to the interest rate, unused commitment fees and letter of credit fees.
• Applicable margin is subject to upward/downward adjustments on an annual basis if Kimco ( KIM ) achieves, or fails to achieve, certain targets based on Scope 1 and Scope 2 emission standards.
• Earlier, Kimco Realty ( KIM ) Q4 earnings were largely in line with estimates .

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