DDR Announces Redemption of $150 Million 7 3/8% Class H Cumulative Redeemable Preferred Shares
BEACHWOOD, Ohio, April 2, 2013 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced that it is calling for redemption a portion of its 7 3/8% Class H Cumulative Redeemable Preferred Shares, without par value ("Class H Preferred Shares"), and the related depositary shares ("Depositary Shares"), each representing 1/20th of one share of the Class H Preferred Shares (NYSE: DDR-H - CUSIP No.: 25191 82 2). Pursuant to the provisions of the Articles of Incorporation of DDR, DDR is undertaking actions to redeem 300,000 of the Class H Preferred Shares, represented by 6,000,000 Depositary Shares, on May 6, 2013.
The Class H Preferred Shares and respective Depositary Shares that are redeemed will be redeemed at a redemption price of $502.2535 per Class H Preferred Share or $25.1127 per Depositary Share (the "Redemption Price") (the sum of $500.00 per Class H Preferred Share plus accrued and unpaid dividends of $2.2535 per Class H Preferred Share to the redemption date or $25.00 per Depositary Share plus accrued and unpaid dividends of $0.1127 per Depositary Share to the redemption date). The Class H Preferred Shares and respective Depositary Shares eligible for redemption will be selected on a pro rata basis in accordance with DDR's Articles of Incorporation and the applicable Deposit Agreement.
Payment of the Redemption Price shall be made on and after May 6, 2013, as soon as practicable after presentation and surrender of receipts evidencing the Depositary Shares and the Letter of Transmittal by "hand delivery" or by mail to Computershare Shareowner Services ("Redemption Agent"), Attn: Corporate Actions Dept., 27th Fl. 480 Washington Boulevard, Jersey City, NJ, 07310.
On and after the Redemption Date, the Class H Preferred Shares and respective Depositary Shares that are redeemed shall no longer be deemed to be outstanding and all rights with respect to such shares shall forthwith cease and terminate (including, but not limited to, the right to receive dividends from and after the redemption date) except only the right of the holders thereof to receive, out of the funds so deposited in trust, from and after such date, the Redemption Price, without interest. Following the Redemption Date, 110,000 Class H Preferred Shares represented by 2,200,000 Depositary Shares will remain outstanding.
About DDR Corp.
DDR is an owner and manager of 454 value-oriented shopping centers representing 116 million square feet in 39 states, Puerto Rico and Brazil. The Company's assets are concentrated in high barrier-to-entry markets with stable populations and high growth potential and its portfolio is actively managed to create long-term shareholder value. DDR is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the Company is available at www.ddr.com.
SOURCE DDR Corp.