{"id":1004425972,"date":"2020-04-28T02:54:20","date_gmt":"2020-04-28T10:54:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004425972"},"modified":"2020-04-28T04:37:55","modified_gmt":"2020-04-28T12:37:55","slug":"kimco-realty-adds-215m-to-term-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kimco-realty-adds-215m-to-term-loan\/","title":{"rendered":"Kimco Realty Adds $215M to Term Loan"},"content":{"rendered":"
\"\"<\/a>

Image via Pixabay.com<\/em><\/p><\/div>\n

Kimco Realty Corp. has closed on an incremental $215 million under the accordion feature of its recent $375 million unsecured term loan<\/a> facility. The transaction brings total borrowings under the facility to $590 million, which the company can increase by an additional $535 million, to more than $1.1 billion under the accordion feature, subject to further syndication.<\/p>\n

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READ ALSO<\/strong>: What Retail Landlords Need to Know During the Pandemic<\/a><\/p>\n

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The $375 million unsecured term loan is itself very new, having been nailed down by Kimco earlier this month. Scheduled to mature in April 2021, the term loan is extendable at Kimco\u2019s option for one year, till April 2022. Interest on the term loan borrowings accrues at a spread (currently 1.400 percent) to LIBOR or, at Kimco\u2019s option, a spread (currently 0.400 percent) to the base rate defined in the underlying credit agreement, that in each case fluctuates with changes in Kimco\u2019s senior debt ratings.<\/p>\n

With more than $900 million of cash on the balance sheet and $1.3 billion available under its unsecured revolving credit facility, Kimco has more than $2.2 billion of immediate liquidity.<\/p>\n

In a prepared statement, Glenn Cohen, Kimco\u2019s CFO and treasurer, referenced the 15 lending institutions that committed to the term loan facility and said that the REIT now has \u201cample liquidity to navigate through these challenging times and to move quickly if opportunities present themselves.<\/em>\u201d<\/p>\n

Invested in food <\/h2>\n

Kimco is one of North America\u2019s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers, deriving more than three-quarters of its annual base rent from such properties. In addition, it has a small ownership stake (less than 10 percent) in the Albertsons grocery chain.<\/p>\n

In January, Kimco sold two shopping centers in Mesa, Ariz.<\/a>, to a partnership of Lamar Cos. and Real Capital Solutions for nearly $27 million. Mesa Pavilion North and Mesa Pavilion South total about 307,000 square feet, and their location, at Power Road and Southern Avenue, is across the street from Macerich\u2019s 919,000-square-foot Superstition Springs Center.<\/p>\n","protected":false},"excerpt":{"rendered":"

By upsizing its recent unsecured term loan facility to $590 million, the company has brought its immediate liquidity to more than $2.2 billion.<\/p>\n","protected":false},"author":882,"featured_media":1004380289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,23891,21742,21749],"tags":[36715,34368,40892,37909],"class_list":["post-1004425972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-national","category-latest","category-retail","tag-albertsons-companies-inc","tag-kimco-realty-corporation","tag-lamar-companies","tag-real-capital-solutions"],"acf":[],"yoast_head":"\nKimco Realty Adds $215M to Term Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kimco-realty-adds-215m-to-term-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kimco Realty Adds $215M to Term Loan\" \/>\n<meta property=\"og:description\" content=\"By upsizing its recent unsecured term loan facility to $590 million, the company has brought its immediate liquidity to more than $2.2 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kimco-realty-adds-215m-to-term-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-28T10:54:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-28T12:37:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/retail-news-06.-Image-via-Pixabay.com_.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kimco-realty-adds-215m-to-term-loan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kimco-realty-adds-215m-to-term-loan\/\",\"name\":\"Kimco Realty Adds $215M to Term Loan - 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