Kimco Realty Corp. (KIM) said that it plans to sell 25 million shares of newly issued common stock in an underwritten public offering.
The underwriters will be granted a 30-day option to purchase up to an additional 3.75 million shares to cover over-allotments, if any.
The company expects to use the net proceeds received from this offering to partially repay amounts borrowed under its $1.5 billion unsecured U.S. revolving credit facility. The company's $1.5 billion unsecured U.S. revolving credit facility is scheduled to mature in October 2011.
The company has an option to extend the facility for an additional 1 year term. Amounts outstanding thereunder bear interest at an annual rate of LIBOR plus a spread, which spread is currently 0.425%. Any remaining net proceeds from this offering will be used for general corporate purposes.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.