April 7, 2010 (FinancialWire) — Kimco North Trust III, an indirect wholly-owned entity of Kimco Realty Corp. (NYSE: KIM) said it has entered into an agreement for the issuance of $150 million Canadian denominated Series 3 unsecured notes to a group of underwriters on a bought-deal private placement basis.

The offering is scheduled to close on or about April 13, 2010. The notes bear interest at 5.99% and mature on April 13, 2018.

Kimco Realty said it has provided a full and unconditional guarantee of the notes, which were rated BBB+ and Baal (negative) by Standard & Poor's and Moody's Investors Services, respectively.

The deal represents the third time Kimco has raised debt capital in the Canadian market.

Kimco said the proceeds will be used by Kimco North Trust III to repay its Series 1 unsecured notes maturing on April 21, 2010, which notes were used to fund long-term investments in Canadian real estate, and for general corporate purposes.

New York-based Kimco Realty is a real estate investment trust that owns and operates a North American portfolio of neighborhood and community shopping centers.

As of December 31, 2009, the company owned interests in 1,478 retail properties comprising 152 million square feet of leasable space across 45 states, Puerto Rico, Canada, Mexico and South America.

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