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NEW HYDE PARK, N.Y.
Shopping center owner Kimco Realty Corp. said Thursday it priced its public offering of $300 million medium-term notes due 2018 at a coupon of 4.30 percent per year.
The notes will mature Feb. 1, 2018.
The company plans to use the $297.1 million in proceeds to repay a $100 million 5.304 percent medium-term note due February 2011 and a $150 million 7.95 percent note due April 2011. The remaining proceeds will be used for general corporate purposes.
The real estate investment trust estimates $10 million to $12 million in prepayment costs. However, its full-year funds from operations guidance remains unchanged between $1.14 per share and $1.18 per share.
FFO, which adds such items as amortization and depreciation to net income, is considered key to measuring the financial performance of real estate investment trusts.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and JPMorgan Securities Inc. served as joint book-running managers for the offering. Barclays Capital Inc., BNY Mellon Capital Markets LLC, Mitsubishi UFJ Securities Inc., RBS Securities Inc. and Scotia Capital Inc. served as the co-managers.
Kimco's shares rose 6 cents to close Thursday $14.67.