Kimco Realty Upsizes Term Loan Facility to $550 Million
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Kimco Realty Expands Its Term Loan Facility
Kimco Realty (NYSE: KIM), a prominent real estate investment trust (REIT) known for its high-quality, open-air shopping centers, has recently announced an increase in its unsecured term loan facility to $550 million, a notable jump from the previous $500 million. This strategic move reflects the company’s ongoing commitment to strengthening its financial position and pursuing growth opportunities in the retail real estate sector.
Details of the Loan Amendment
The amendment of the loan has seen the introduction of an additional banking partner, while maintaining the existing terms, applicable spread, maturity date, and credit covenants established in the earlier loan agreement set forth on January 2, 2024. As part of this financial maneuver, Kimco also engaged in an interest rate swap agreement, securing a fixed rate of 4.3175% on the newly added loan portion. These financial instruments are designed to help manage their debt effectively and create a buffer against market fluctuations.
Key Financial Partners
In the backdrop of this upsize, Toronto Dominion (Texas) LLC is acting as the administrative agent while Royal Bank of Canada, U.S. Bank National Association, BNP Paribas, and Scotia Financing (USA) LLC play key roles as syndication and documentation agents. This collaborative effort highlights the robust backing Kimco has from significant financial players, facilitating its operations and growth strategy.
About Kimco Realty Corporation
Kimco Realty operates as a leading owner and operator of grocery-anchored shopping centers and mixed-use properties throughout the U.S. Focusing predominantly on first-ring suburbs of major metropolitan areas, the company’s portfolio includes a strategic mix of essential goods and services. This emphasis on necessity-based retail has positioned Kimco to attract repeat business, ensuring stability even in volatile market conditions.
Kimco’s Growing Portfolio
As of mid-2024, Kimco Realty has successfully managed a diversified portfolio consisting of 567 shopping centers and mixed-use assets, collectively boasting an impressive 101 million square feet of gross leasable space. This expansive footprint further consolidates their position in the retail sector, catering to a diverse clientele across various demographic segments.
Core Principles and Commitment
With a trading history on the NYSE since 1991 and inclusion in the S&P 500 Index, Kimco remains dedicated to enhancing shareholder value through disciplined capital management and strategic redevelopment initiatives. The company's strong adherence to corporate responsibility has also garnered it recognition as a leader in sustainable practices within the industry.
Frequently Asked Questions
What is the new term loan amount for Kimco Realty?
The new unsecured term loan facility has been upsized to $550 million from the previous $500 million.
What is the purpose of the term loan amendment?
The proceeds from the upsized term loan will be utilized for general corporate purposes, including managing debt maturities and investment opportunities.
Who are the key financial partners involved?
Key partners include Toronto Dominion (Texas) LLC as the administrative agent, along with Royal Bank of Canada and U.S. Bank National Association serving as syndication agents.
Where does Kimco Realty focus its operations?
Kimco Realty focuses on high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities within the United States.
How long has Kimco Realty been publicly traded?
Kimco Realty has been publicly traded on the NYSE since 1991.
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