Company Obtains Additional $215 Million Under Accordion Feature
Increases Cash Position to over $900 million
JERICHO, NY (STL.News) Kimco Realty Corp. (NYSE:KIM), one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, announced Friday that it has closed on an incremental $215 million under the accordion feature of its previously announced $375 million unsecured term loan facility, bringing total borrowings under the facility to $590 million. In addition, the company has the ability to increase this amount by an additional $535 million, to more than $1.1 billion under the accordion feature, subject to further syndication.
The term loan is scheduled to mature April 2021, extendable at Kimco’s option for one year until April 2022. Interest on the term loan borrowings under the Credit Agreement accrues at a spread (currently 1.400%) to LIBOR or, at the company’s option, a spread (currently 0.400%) to the base rate defined in the Credit Agreement, that in each case fluctuates in accordance with changes in Kimco’s senior debt ratings. With over $900 million of cash on the balance sheet and $1.3 billion available under its unsecured revolving credit facility, Kimco has over $2.2 billion of immediate liquidity.
“We are grateful for the confidence expressed from the fifteen institutions within our lending group that committed to this term loan facility,” said Glenn G. Cohen, Kimco’s Chief Financial Officer and Treasurer. “We thank our participating lenders for their continued support and commitment to our company. With their assistance we have ample liquidity to navigate through these challenging times and to move quickly if opportunities present themselves”
NOTE: this is NOT the complete release.