NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Kimco Realty Corp. (NYSE:KIM), North America’s largest publicly traded owner and operator of neighborhood and community shopping centers, announced that it has closed on a new $1.75 billion unsecured revolving credit facility with commitments from 23 lending institutions, replacing the company’s existing $1.75 billion unsecured credit facility. The new facility, which can be increased to $2.25 billion through an accordion feature, is scheduled to mature on March 17, 2018 with two additional six-month options to extend the maturity date at Kimco’s discretion to March 17, 2019. Interest accrues at an annual rate of LIBOR plus 92.5 basis points on drawn funds. 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 new credit facility’s competitive terms demonstrate the strength of Kimco’s balance sheet,” said Glenn G. Cohen, Kimco executive vice president, CFO and treasurer. “We appreciate the support of our bank group, which provided commitments totaling $2.8 billion, as this new credit facility provides us a meaningful level of liquidity and financial flexibility over the next five years.”
J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and RBC Capital Markets served as Joint Bookrunners, JPMorgan Chase Bank, N.A., as Administrative Agent, Wells Fargo Bank, N.A., RBC Capital Markets and The Bank of Nova Scotia as Syndication Agents, with Bank America N.A., Citibank N.A., Deutsche Bank Securities Inc., PNC Bank N.A., Regions Bank, UBS Securities LLC and Union Bank N.A. as Documentation Agents.
About Kimco
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that owns and operates North America’s largest publicly traded portfolio of neighborhood and community shopping centers. As of December 31, 2013, the company owned interests in 852 shopping centers comprising 125 million square feet of leasable space across 42 states, Puerto Rico, Canada, Mexico and South America. 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.
