Kimco Realty has announced an increase in its unsecured term loan facility to $550 million from the prior amount of $500 million. The amendment also included an interest rate swap agreement fixing the rate on the incremental term loan at 4.3175%. The company plans to use the proceeds for general corporate purposes, including managing debt maturities and investing opportunistically.
The company's portfolio, as of June 30, 2024, comprised 567 U.S. shopping centers and mixed-use assets totaling 101 million square feet of gross leasable space. Kimco Realty has been publicly traded on the NYSE since 1991 and is included in the S&P 500 index.
The upsized $550 million unsecured term loan involved Toronto Dominion (Texas) LLC as the administrative agent, with Royal Bank of Canada and U.S. Bank National Association serving as syndication agents. BNP Paribas and Scotia Financing (USA) LLC acted as documentation agents, and Regions Bank served as the senior managing agent.
These changes reflect the company's ongoing commitment to corporate responsibility and its value-enhancing redevelopment activities. The announcement also highlights the company's proactive approach to managing debt and capital structure, which aligns with its strategic objectives and market opportunities. Today the company's shares have moved 0.0% to a price of $23.11. If you want to know more, read the company's complete 8-K report here.
