Core Viewpoint - Kimco Realty has amended and increased its unsecured term loan to $500 million from $200 million, indicating strong support from banking partners and a focus on maintaining liquidity and a robust balance sheet [1][2]. Financial Details - The amended loan includes four additional banks, with unchanged terms, applicable spread, maturity date, and credit covenants from the previous agreement made on January 2, 2024 [1]. - The company has entered into interest rate swap agreements, fixing the rate on the incremental term loans to a blended rate of 4.78% [1]. - Proceeds from the loan will be utilized for general corporate purposes, including the reduction of outstanding borrowings under the unsecured revolving credit facility [1]. Company Overview - Kimco Realty is a leading real estate investment trust (REIT) focused on high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S. [3]. - The company's portfolio includes 569 U.S. shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space as of March 31, 2024 [3]. - Kimco Realty has been publicly traded on the NYSE since 1991 and is included in the S&P 500 Index, with over 60 years of experience in shopping center ownership and management [3].
Kimco Realty® Upsizes Term Loan Facility to $500 Million