The notes, which were priced at 99.84% to yield 6.897%, will mature Oct. 1, 2019, Kimco says in a release. After repaying the term loans, the company will use the remaining proceeds for general corporate purposes such as repayment of other indebtedness, including construction loans coming due in 2010. "As a result of these transactions, the company's debt maturity profile is enhanced without increasing the company's total indebtedness," according to a release.

JPMorgan Chase, Morgan Stanley and Wells Fargo Securities served as the joint book-running managers for this offering. Barclays Capital, RBC Capital Markets, RBS, and Scotia Capital served as the co-managers.

In late August, the locally based retail REIT announced that along with its joint venture partners, a group of funds managed by Prudential Real Estate Investors, it had repaid $145 million since July 1 on the credit facility which the JVs have with a consortium of banks. The facility, which totaled approximately $650 million at the beginning of the year, was reduced to $616 million at the end of June through asset sales totaling $34 million over the first two quarters.

Kimco provided 15% of the $117 million in capital contributions used to repay the facility, with the balance of the contributions coming from the JVs. The JVs also kicked in $28 million from the sale of three assets from the joint ventures since the end of the second quarter.

The remaining $471 million is due August 26, 2010. Kimco expects to reduce it over the next 12 months from the sale of specifically identified assets from the ventures, the company says.