DDR Announces the Pricing of $150 Million 6.25% Class K Cumulative Redeemable Preferred Shares
BEACHWOOD, Ohio, March 25, 2013 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced that it has priced an underwritten public offering of 6,000,000 depositary shares, each representing a 1/20th fractional interest in a share of its newly designated 6.25% Class K Cumulative Redeemable Preferred Shares at a price of $25.00 per depositary share. DDR granted the underwriters a 30-day option to purchase up to 900,000 depositary shares solely to cover over-allotments, if any. The offering is expected to close on or about April 9, 2013, subject to customary closing conditions. DDR intends to apply to list the depositary shares on the New York Stock Exchange under the symbol "DDR PR K". If the application is approved, DDR expects trading of the depositary shares on the New York Stock Exchange to commence within the 30‐day period after the initial delivery of the depositary shares.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are serving as joint book-running managers for the offering; Jefferies LLC and BNY Mellon Capital Markets, LLC are serving as joint lead managers; and Robert W. Baird & Co. Incorporated and Deutsche Bank Securities Inc. are serving as co-managers for the offering. DDR expects to use the net proceeds from the offering to pay the redemption price of a portion of its 7 3/8% Class H Cumulative Redeemable Preferred Shares.
The offering may be made only by means of a prospectus supplement and the accompanying prospectus. A copy of the final prospectus supplement and accompanying prospectus relating to this offering may be obtained, when available, from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (800) 831-9146; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attn: High Grade Syndicate Desk, telephone: (212) 834-4533; RBC Capital Markets, LLC, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Attn: Prospectus Department, telephone: (866) 375-6829; UBS Securities LLC, 299 Park Avenue, New York, NY 10171, Attention: Prospectus Department, telephone: (877) 827-6444 ext. 561 3884; and Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, NC 28262, Attn: Capital Markets Support, telephone: (800) 326-5897.
This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective.
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.
DDR considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause the Company's results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as oversupply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; constructing properties or expansions that produce a desired yield on investment; the Company's ability to buy or sell assets on commercially reasonable terms; the Company's ability to complete acquisitions or dispositions of assets under contract; the Company's ability to secure equity or debt financing on commercially acceptable terms or at all; the Company's ability to enter into definitive agreements with regard to the Company's financing and joint venture arrangements or the Company's failure to satisfy conditions to the completion of these arrangements; and the success of the Company's capital recycling strategy. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's Form 10-K for the year ended December 31, 2012, as amended. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
SOURCE DDR Corp.
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