In the News
September 10, 2008
Kimco Realty prices common stock offering
Kimco Realty Corp. said Sept. 9 that it priced its public offering of 10 million newly issued shares of common stock at $37.10 per share.
The company said it increased its offering to 10 million shares from 9 million shares in response to investor demand. Additionally, Kimco Realty granted the underwriters an option to purchase up to an additional 1.5 million shares during the next 30 days to cover any overallotments.
The company expects to close the offering on Sept. 15, subject to customary closing conditions.
The company estimates that the net proceeds from the offering will be approximately $356.5 million, or approximately $410.0 million if the underwriters’ overallotment option is exercised in full.
The company plans to use the net proceeds from the sale for general corporate purposes, which may include funding property acquisitions and development costs, investments in its institutional management programs and other investment activities as such opportunities arise. Pending such use, the company will partially repay amounts outstanding under its U.S. revolving credit facility.
The joint book-running managers for the offering are UBS Investment Bank, Citi and Wachovia Securities. Deutsche Bank Securities, Morgan Stanley, Raymond James and RBC Capital Markets are acting as joint lead managers. Banc of America Securities LLC, JPMorgan, Merrill Lynch & Co., ABN AMRO Inc., BNY Mellon Capital Markets LLC and Morgan Keegan & Co. Inc. are acting as co-managers.
