JERICHO, N.Y.–(BUSINESS WIRE)–Kimco Realty Corp. (NYSE: KIM) today announced that its subsidiary Kimco Realty OP, LLC has closed on a new $2.0 billion unsecured revolving credit facility with commitments from 20 lending institutions, replacing the company’s existing $2.0 billion unsecured revolving credit facility. The new facility, expandable to $2.75 billion under an accordion feature, is scheduled to mature on March 17, 2027 (or March 17, 2028, if Kimco OP exercises two six-month options to extend the maturity date).
“Our new credit facility highlights the strength of Kimco’s balance sheet given the robust demand and favorable terms we’ve been able to achieve,” said Glenn G. Cohen, Kimco executive vice president, chief financial officer and treasurer. “We are grateful to our lending partners ongoing support and loyalty as the new credit facility was oversubscribed with commitments totaling $3.3 billion. We believe that the additional financial flexibility well positions us to execute on our long-term strategic goals and further enhance shareholder value.”
Interest on borrowings under the Credit Agreement accrues at a spread (currently 0.775%) to Adjusted Term SOFR or, at the company’s option, a spread (currently 0%) to the base rate defined in the Credit Agreement, that in each case fluctuates in accordance with changes in Kimco’s senior debt ratings. The Credit Agreement also incorporates sustainability-linked adjustments to the interest rate, unused commitment fees and letter of credit fees. The applicable margin is subject to upward or downward adjustments on an annual basis if the company achieves, or fails to achieve, certain specified targets based on Scope 1 and Scope 2 emission standards as set forth in the Credit Agreement.
JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, PNC Capital Markets LLC and RBC Capital Markets served as Joint Bookrunners, JPMorgan Chase Bank, N.A. serves as Administrative Agent, J.P. Morgan Securities LLC serves as Sustainability Structuring Agent and JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, PNC Capital Markets LLC, RBC Capital Markets, The Bank of Nova Scotia, BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Bank, Ltd., Regions Capital Markets, U.S. Bank National Association, Barclays Bank PLC, TD Bank, N.A., Truist Securities, Inc., BNP Paribas Securities Corp. and BMO Capital Markets Corp. served as Joint Lead Arrangers.
About Kimco Realty®
Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. 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. As of December 31, 2022, the company owned interests in 532 U.S. shopping centers and mixed-use assets comprising 91 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com.
