Kimco Realty (NYSE: KIM) has announced the upsizing of its unsecured term loan facility to $500 million, up from the previous amount of $200 million. The company's executive vice president and chief financial officer, Glenn G. Cohen, expressed gratitude for the support of their banking partners, highlighting the strengthened ability to maintain a robust balance sheet with ample liquidity. The upsized term loan will feature a blended rate of 4.78%, and the proceeds will be utilized for general corporate purposes, including the reduction of outstanding borrowings under the company’s unsecured revolving credit facility.
The amendment includes the addition of four additional banks while keeping the terms, applicable spread, maturity date, and credit covenants unchanged from the original term loan agreement, which was entered into on January 2, 2024 with TD Bank, N.A. Toronto Dominion (Texas) LLC served as the administrative agent, with Royal Bank of Canada and U.S. Bank National Association as syndication agents, and BNP Paribas and Scotia Financing (USA) LLC as documentation agents. TD Securities (USA) LLC served as the sole bookrunner and joint lead arranger, while Royal Bank of Canada and U.S. Bank National Association acted as joint lead arrangers on the upsized $500 million unsecured term loan.
As of March 31, 2024, Kimco Realty owned interests in 569 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space. The company's portfolio is strategically concentrated in the first-ring suburbs of top major metropolitan markets, focusing on high-barrier-to-entry coastal markets and rapidly expanding sun belt cities. The tenant mix is centered around essential, necessity-based goods and services that drive multiple shopping trips per week.
Kimco Realty has been publicly traded on the NYSE since 1991 and is included in the S&P 500 index. The company specializes in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities, with a proven commitment to corporate responsibility. The market has reacted to these announcements by moving the company's shares -0.2% to a price of $21.24. If you want to know more, read the company's complete 8-K report here.
