Issuer:
|
Kimco Realty Corporation
|
Ratings*:
|
Baa1 (stable) by Moody’s Investors Service, Inc.
BBB+ (stable) by Standard & Poor’s Ratings Services
|
Aggregate Principal Amount Offered Hereby:
|
$600,000,000
|
Pricing Date:
|
February 15, 2022
|
Settlement Date:
|
February 25, 2022 (T+7)
The settlement date of February 25, 2022 is
the seventh business day following the date of the preliminary prospectus supplement. Pursuant to Rule 15c6-1 under the Securities
Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes
before the second business day prior to the settlement date will be required, by virtue of the fact that the Notes initially will settle on a delayed basis, to specify an alternate settlement cycle at the time of any such trade to
prevent a failed settlement, and should consult their own advisors with respect to these matters.
|
Maturity Date:
|
April 1, 2032
|
Interest Payment Dates:
|
April 1 and October 1, commencing on
October 1, 2022 (long first coupon)
|
Coupon:
|
3.200%
|
Price to Public:
|
99.169% of the principal amount
|
Gross Proceeds to Issuer (before expenses):
|
$595,014,000
|
Use of Proceeds:
|
The issuer intends to use the net proceeds from this offering, as well as cash on hand, to redeem all of its outstanding November 2022 Notes and any
additional proceeds will be used for general corporate purposes, including, but not limited to, funding for suitable investments and redevelopment opportunities.
|
Benchmark Treasury:
|
1.875% due February 15, 2032
|
Benchmark Treasury Yield:
|
2.047%
|
Spread to Benchmark Treasury:
|
+125 bps
|
Yield to Maturity:
|
3.297%
|
Redemption Provisions:
|
|
Make-whole Call: :
|
Prior to January 1, 2032 the Notes will be redeemable at the Issuer’s option, at a
redemption price equal to the sum of (1) an amount equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date and (2) a make-whole premium (T+20
bps).
|
Par Call:
|
At any time on or after January 1, 2032, the Notes will be redeemable at the Issuer’s option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus
accrued and unpaid interest thereon to, but not including, the redemption date.
|
CUSIP / ISIN:
|
49446R AZ2 / US49446RAZ29
|
Joint Book-Running Managers:
|
Barclays Capital Inc.
BNP Paribas Securities Corp.
Citigroup Global Markets Inc.
J.P. Morgan Securities LLC
RBC Capital Markets, LLC
Wells Fargo Securities, LLC
|
Senior Co-Managers:
|
BMO Capital Markets Corp.
Mizuho Securities USA LLC
PNC Capital Markets LLC
Regions Securities LLC
U.S. Bancorp Investments, Inc.
|
Co-Managers:
|
BofA Securities, Inc.
Credit Suisse Securities (USA) LLC
Deutsche Bank Securities Inc.
Samuel A. Ramirez & Company, Inc.
Scotia Capital (USA) Inc.
Truist Securities, Inc.
|