Business & Finance
Business and Finance
Business and Finance
Thu, October 27, 2011 Kimco Realty Announces New $1.75 Billion Revolving Credit Facility
NEW HYDE PARK, N.Y.--([ BUSINESS WIRE ])--Kimco Realty Corporation (NYSE: KIM) announced today that it has closed on a new $1.75 billion unsecured revolving credit facility replacing both the companyas $1.5 billion unsecured U.S. credit facility and the $250 million Canadian credit facility. The new facility, which can be increased to $2.25 billion through an accordion feature, is scheduled to mature on October 27, 2015 with a provision to extend the maturity date for an additional year, at the company's option. Interest accrues at an annual rate of LIBOR plus 105 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, Pounds Sterling, Japanese Yen or Euros.
"We appreciate the commitment demonstrated by our bank group. This new credit facility provides us a healthy level of liquidity at advantageous terms 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., Royal Bank of Canada and The Bank of Nova Scotia as Syndication Agents, with UBS Securities LLC as Documentation Agent.
aWe received commitments totaling over $2.8 billion from 28 banks which speaks to the strength of our balance sheet,a said Dave Henry, Kimco Vice Chairman and Chief Executive Officer. aWe appreciate the commitment demonstrated by our bank group. This new credit facility provides us a healthy level of liquidity at advantageous terms over the next five years.a
About Kimco
Kimco Realty Corporation, a real estate investment trust (REIT), owns and operates North Americaas largest portfolio of neighborhood and community shopping centers. As of June 30, 2011, the company owned interests in 946 shopping centers comprising 138 million square feet of leasable space across 44 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE under the symbol KIM and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for 50 years. For further information, visit the company's web site at [ www.kimcorealty.com ].
