JERICHO, N.Y., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE:KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, announced today that it has amended and upsized its unsecured term loan to $550 million from the prior amount of $500 million.
The amendment added one bank with the terms, applicable spread, maturity date and credit covenants unchanged from the term loan agreement dated January 2, 2024 (as amended on May 3, 2024 and July 17, 2024 prior to the date hereof) with Toronto Dominion (Texas) LLC, as administrative agent, and certain lenders party thereto. Subsequently, the company entered into an interest rate swap agreement, fixing the rate on the incremental term loan to a rate of 4.3175%. Proceeds will be used for general corporate purposes including managing debt maturities and investing opportunistically.
Toronto Dominion (Texas) LLC served as Administrative Agent, Royal Bank of Canada and U.S. Bank National Association served as Syndication Agents, BNP Paribas and Scotia Financing (USA) LLC, served as Documentation Agents, and Regions Bank served as Senior Managing Agent, TD Securities (USA) LLC served as Sole Bookrunner and Joint Lead Arranger and Royal Bank of Canada and U.S. Bank National Association, served as Joint Lead Arrangers on the upsized $550 million unsecured term loan.
About Kimco Realty®
Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company's portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. 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. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of June 30, 2024, the company owned interests in 567 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.
The company announces material information to its investors using the company's investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company ...
