NEW HYDE PARK, N.Y. (AP) ¿ Kimco Realty Corp., a real estate investment trust, said Monday it has closed on a new $220 million two-year unsecured term loan, up from its initial size of $200 million.

The loan bears interest annually at the London Interbank Offered Rate (LIBOR) plus 465 basis points. It will mature in April 2011. One basis point is equal to one one-hundredth of a percent.

The company recently repaid $130 million of its unsecured medium term notes, which held an interest rate of 6.9 percent, through use of its U.S. unsecured revolving credit facility.

Proceeds from this term loan will be used to pay down debt under the U.S. credit facility, Kimco said.

The company will have about $1.6 billion of available borrowing capacity under its credit facilities after these payments, which bear interest at a rate of LIBOR plus 42.5 basis points. They expire in 2012.

The Bank of Nova Scotia and RBC Capital Markets acted as joint lead arrangers and joint bookrunning managers. A group of 12 banks each provided between $5 million to $40 million for the facility.

Shares sank 77 cents, or 7 percent, to $10.31 in morning trading.

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