BEACHWOOD, Ohio, May 30, 2017 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced that it has priced an underwritten public offering of 7,000,000 depositary shares, each representing a 1/20th fractional interest in a share of its newly designated 6.375% Class A Cumulative Redeemable Preferred Shares at a price of $25.00 per depositary share. The offering is expected to close on or about June 5, 2017, subject to the satisfaction of customary closing conditions. DDR intends to apply to list the depositary shares on the New York Stock Exchange under the symbol "DDR PR A." 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.
Wells Fargo Securities, LLC, RBC Capital Markets, LLC, Stifel, Nicolaus & Company, Incorporated and UBS Securities LLC are serving as joint book-running managers for the offering and Robert W. Baird & Co. Incorporated and KeyBanc Capital Markets Inc. are serving as co-managers for the offering.
DDR intends to use the net proceeds from the offering of the depositary shares to repay debt, including but not limited to, its 4.75% Notes due 2018, and for general corporate purposes.
The depositary shares are being offered pursuant to an effective shelf registration statement that has previously been filed with the Securities and Exchange Commission (the "SEC"). The offering will be made solely by means of a prospectus supplement and accompanying prospectus filed with the SEC. You may obtain these documents without charge from the SEC at www.sec.gov. Alternatively, you may request copies of these documents by contacting Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, Minnesota 55402, Attention: WFS Customer Service, by calling toll-free: 1-800-645-3751 or by emailing: email@example.com; RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention: Transaction Management, by calling toll-free 1-866-375-6829 or by emailing: firstname.lastname@example.org; Stifel, Nicolaus & Company, Incorporated, One South Street, 15th Floor, Baltimore, Maryland 21202, Attention: Syndicate Department, by calling toll-free 1-855-300-7136 or by emailing: SyndProspectus@stifel.com; or UBS Securities LLC, 1285 Avenue of the Americas, New York, New York, Attention: Prospectus Department or by calling toll-free: 1-888-827-7275.
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.
ABOUT DDR CORP.
DDR is an owner and manager of 309 value-oriented shopping centers representing 103 million square feet in 35 states and Puerto Rico. The Company owns a high-quality portfolio of open-air shopping centers in major metropolitan areas that provide a highly-compelling shopping experience and merchandise mix for retail partners and consumers. The Company actively manages its assets with a focus on creating 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 our results to differ materially from those indicated by such forward-looking statements, including, among other factors, local conditions such as supply 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; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; the success of our deleveraging strategy; and any impact or results from the Company's portfolio transition or any change in 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, 2016. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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SOURCE DDR Corp.