Kimco Realty Corporation (NYSE: KIM) today announced that it closed on a new $400 million unsecured term loan. The loan is scheduled to mature on April 17, 2014, with three additional one-year options to extend the maturity date at the Kimco’s discretion to April 17, 2017. Interest on the loan accrues at an annualized rate of LIBOR plus 105 basis points. Proceeds from the unsecured loan will be used for general corporate purposes including the repayment of upcoming debt maturities.
PNC Bank, National Association, is the administrative agent for the new term loan, PNC Capital Markets LLC is the arranger and bookrunner, Regions Bank, Wells Fargo Bank, National Association and JPMorgan Chase Bank, N.A., are syndication agents and Citibank, N.A., and U.S. Bank National Association are documentation agents.
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