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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.