Loan & DebtJun 11, 2026, 06:51 AM
Kimco OP Prices $525M Exchangeable Notes; Repurchases 4.1M Shares
AI Summary
Kimco Realty's operating subsidiary, Kimco Realty OP, LLC, priced an offering of $525 million in 3.50% exchangeable senior notes due 2031, an increase from the previously announced $500 million. The notes are guaranteed by Kimco Realty Corporation and will settle on June 15, 2026. Concurrently, Kimco OP plans to use approximately $104.7 million of the estimated $513.5 million net proceeds to repurchase 4,125,900 shares of common stock. The remaining proceeds will be used for general corporate purposes, including debt repayment and funding acquisitions.
Key Highlights
- Kimco OP priced $525M of 3.50% exchangeable senior notes due 2031.
- Offering size increased from previously announced $500M.
- Initial purchasers have option for additional $75M in notes.
- Net proceeds estimated at $513.5M ($587.0M if option exercised).
- $104.7M of proceeds to repurchase 4,125,900 Kimco common shares.
- Initial exchange price of $32.36 per share, a 27.5% premium.
- Remaining proceeds for general corporate purposes, including debt repayment.
Price Impact
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