Kimco Realty (NYSE: KIM) has announced that its operating subsidiary, Kimco Realty OP, LLC, priced its offering of US$525 million aggregate principal amount of 3.50% exchangeable senior notes due 2031 (the notes) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The offering size was increased from the previously announced offering size of US$500 million aggregate principal amount of notes. Kimco Realty Corporation will fully and unconditionally guarantee the notes on a senior, unsecured basis. The issuance and sale of the notes are scheduled to settle on June 15, 2026, subject to customary closing conditions. Kimco OP also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional US$75 million principal amount of notes.
Latham & Watkins LLP represented Kimco Realty in the offering with a Capital Markets team led by Washington, D.C. partners Joel Trotter, Julia Thompson, and Chuck Cassidy, with associates Katya Roze and Wyatt Wisnosky. Advice was also provided on products matters by New York/Los Angeles partner Greg Rodgers and Los Angeles partner Arash Aminian Baghai, with associate Andrew Bentz; on derivatives matters by New York partner Catherine Lee, with associate Adam Zhang; and on tax matters by Los Angeles partners Ana O’Brien and Eric Cho, and New York partner Bora Bozkurt, with associates Michael Yu and Daniel Mousseri.
