03.10.2007 12:45:00
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Kimco Announces $400 Million 7.75% Preferred Stock Offering
Kimco Realty Corporation (NYSE: KIM) today announced the offering of
16,000,000 depositary shares, each representing a 1/100 fractional
interest in a share of the company’s 7.75%
Class G Cumulative Redeemable Preferred Stock, $1.00 par value per
share. These depositary shares, priced at $25.00, entitle holders to a
7.75% cumulative dividend, or $1.9375 per annum, are not convertible
into common stock and are redeemable at par at the option of the company
on and after October 10, 2012. The company granted the underwriters of
the offering a 30-day option to purchase up to an additional 2,400,000
depositary shares to cover over-allotments, if any. The preferred stock
issuance is rated BBB+/Baa2 by S&P and Moody's, respectively. The net
proceeds received from the offering will be used for general corporate
purposes, which may include funding property acquisitions, investments
in the company’s institutional management
programs and other investment activities as suitable opportunities
arise. Pending use for the company’s
investment activities, the company will partially repay amounts
outstanding under its U.S. revolving credit facility.
Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, UBS Securities LLC, and Wachovia Capital Markets, LLC are
the joint book-running managers. RBC Dain Rauscher Inc. is the joint
lead manager and Deutsche Bank Securities Inc., Raymond James &
Associates, Inc. and Stifel, Nicolaus & Company, Incorporated are the
co-managers for the offering.
The offering is expected to be completed October 10, 2007, and is
subject to customary closing conditions.
Copies of the preliminary prospectus supplement and the prospectus
supplement relating to the offering may be obtained from (i) Citigroup
Global Markets Inc. by phone at 1-877-858-5407, (ii) Merrill Lynch,
Pierce, Fenner & Smith Incorporated by phone at 1-866-500-5408, (iii)
UBS Securities LLC by phone at 1-888-722-9555, ext. 1088, or (iv)
Wachovia Capital Markets, LLC by phone at 1-866-289-1262.
A registration statement relating to these securities was declared
effective by the Securities and Exchange Commission. This press release
shall not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state or jurisdiction.
About Kimco
Kimco Realty Corporation, a real estate investment trust (REIT), owns
and operates the nation's largest portfolio of neighborhood and
community shopping centers. As of June 30, 2007, the company owned
interests in approximately 1,519 properties comprising 180 million
square feet of leaseable space across 45 states, Puerto Rico, Canada,
Mexico and Chile. Publicly traded on the NYSE under the symbol KIM and
included in the S&P 500 Index, the company has specialized in shopping
center acquisitions, development and management for more than 45 years.
For further information, visit the company's web site at www.kimcorealty.com.
Safe Harbor Statement
The statements in this release state the company's and management's
hopes, intentions, beliefs, expectations or projections of the future
and are forward-looking statements. It is important to note that the
company's actual results could differ materially from those projected in
such forward-looking statements. Factors that could cause actual results
to differ materially from current expectations include, but are not
limited to, (i) general economic conditions, (ii) the inability of major
tenants to continue paying their rent obligations due to bankruptcy,
insolvency or general downturn in their business, (iii) local real
estate conditions, (iv) increases in interest rates, (v) increases in
operating costs and real estate taxes. Additional information concerning
factors that could cause actual results to differ materially from those
forward-looking statements is contained from time to time in the
company's SEC filings, including but not limited to the company's report
on Form 10-K for the year ended December 31, 2006. Copies of each filing
may be obtained from the company or the Securities and Exchange
Commission.
The company refers you to the documents filed by the company from time
to time with the Securities and Exchange Commission, specifically the
section titled "Risk Factors" in the company's Annual Report on Form
10-K for the year ended December 31, 2006, as may be updated or
supplemented in the company’s Form 10-Q
filings, which discuss these and other factors that could adversely
affect the company's results.
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