Kimco Realty Corp. (KIM) announced the pricing of its public offering of 25 million shares of common stock at $12.50 per share. The company has granted the underwriters an option to purchase up to an additional 3.75 million shares to cover over-allotments, if any. The offering is expected to close on or about December 11, 2009.
The company expects to use the net proceeds, which are expected to be approximately $300 million without giving effect to any exercise of the underwriters' over-allotment option, 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.
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