Kimco Realty OP, LLC Announces Pricing of Upsized $525.0 Million Exchangeable Senior Notes Offering
Kimco Realty OP priced an upsized $525 million offering of 3.50% exchangeable senior notes due 2031, increasing the size from the previously announced $500 million. The notes carry an initial exchange price of approximately $32.36 per share, representing a 27.5% premium to the June 10 closing price of $25.38, signaling management's confidence in the stock's valuation.
Key figures
- Deal Value Usd
- 525000000
- Offering Price
- 32.36
- Shares Offered
- 4125900
- Option size
- 75000000
- Net proceeds
- 513500000
- Exchange rate
- 30.9028 shares per $1,000 note
- Interest rate
- 3.50%
- Maturity date
- June 15, 2031
- Exchange premium
- 27.5%
- Prior close price
- 25.38
- Repurchase amount
- 104700000
AI analysis
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