Kimco Realty is making a public offering of USD300m medium-term notes due 2018 at a coupon of 4.30 per cent per annum.

The notes, which were priced at 99.652 per cent to yield 4.356 per cent, will mature on 1 February 2018.

The net proceeds of approximately USD297.1m will be used to repay a USD100m 5.304 per cent medium-term note due February 2011 and a USD150m 7.95 per cent note due April 2011 in accordance with the optional make-whole redemption provisions of these notes.

The company will use the remaining proceeds for general corporate purposes.

The company anticipates incurring prepayment costs of approximately USD10m to USD12m or USD0.03 cents per diluted share in connection with the exercise of these redemption rights.

The actual prepayment costs will be determined closer to the expected repayment date of 24 September.

The company's 2010 guidance range with respect to funds from operations remains unchanged at USD1.14 to USD1.18 per diluted share.

Citigroup Global Markets, Deutsche Bank Securities and J.P. Morgan Securities served as the joint book-running managers for this offering.

Kimco Realty, a real estate investment trust, owns and operates a portfolio of neighbourhood and community shopping centres.