BUZZ-Kimco Realty announces $500 mln exchangeable offering; shares up

Kimco Realty Corporation

Kimco Realty Corporation

KIM

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** Kimco Realty's KIM.N shares up 1.2% at $25.49 on Weds as it looks to raise capital

** Grocery-anchored shopping center REIT privately offering $500 mln exchangeable notes due 2031

** It intends to use net offering proceeds for general purposes, including debt repayment, and funding acquisition, investment and redevelopment opportunites

** It also plans to use up to about $125 mln to repurchase its shares to facilitate hedging by investors in the exchangeable notes

** Jericho, New York-based KIM has ~$17 bln market cap

** Stock now up ~26% YTD and well outpacing 12% gain in S&P 500 Real Estate sector .SPLRCR

** 10 of 25 analysts rate the stock "strong buy" or "buy", 15 "hold"; median PT $25, per LSEG data


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