Loan & DebtJun 10, 2026, 08:55 AM
Kimco OP to Offer $500M Exchangeable Notes; Kimco to Buy Back $125M Shares
AI Summary
Kimco Realty's operating subsidiary, Kimco Realty OP, LLC, announced its intent to offer $500 million in exchangeable senior notes due 2031 in a private offering. Kimco Realty Corporation will fully guarantee these senior, unsecured notes. Concurrently, Kimco OP plans to use up to $125 million of the net proceeds to repurchase Kimco's common stock. The remaining proceeds will be allocated to general corporate purposes, including debt repayment and funding new investment opportunities.
Key Highlights
- Kimco OP intends to offer $500,000,000 aggregate principal amount of exchangeable senior notes due 2031.
- Kimco Realty Corporation will fully and unconditionally guarantee the notes on a senior, unsecured basis.
- Initial purchasers have an option to purchase up to an additional $75,000,000 aggregate principal amount of notes.
- Notes will be senior, unsecured obligations of Kimco OP, maturing on June 15, 2031, with semi-annual interest.
- Kimco OP plans to use up to $125,000,000 of net proceeds to repurchase Kimco common stock.
- Remaining net proceeds will be used for general corporate purposes, including debt repayment and acquisitions.
- Notes are redeemable by Kimco OP under certain conditions, including preserving REIT status.
Price Impact
More from KIM