BEACHWOOD, Ohio, June 19, 2012 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced the pricing of $300 million of senior unsecured notes in an underwritten public offering. The offering consists of $300 million of 4.625% notes due 2022. The notes are being offered to investors at a price of 98.104% with a yield to maturity of 4.865%. Interest on the notes will be paid semi-annually on January 15 and July 15. The offering is expected to close on or about June 22, 2012, subject to customary closing conditions.
The net proceeds to DDR, after subtracting the underwriting discount and estimated offering expenses, are expected to be approximately $291.7 million. DDR intends to use a portion of the net proceeds to redeem its 5.375% Notes due 2012, of which approximately $223.5 million aggregate principal amount is outstanding. The remaining net proceeds will be used for general corporate purposes.
Deutsche Bank Securities Inc., RBS Securities Inc. and UBS Securities LLC are serving as joint book-running managers; BNY Mellon Capital Markets, LLC, Capital One Southcoast, Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC and U.S. Bancorp Investments, Inc. are serving as senior co-managers; and FTN Financial Securities Corp., ING Financial Markets LLC, The Huntington Investment Company, Moelis & Company LLC and Scotia Capital (USA) Inc. are serving as co-managers for the offering.
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, by calling or e-mailing Deutsche Bank Securities Inc. toll-free at 1-800-503-4611 or [email protected], or by calling RBS Securities Inc. toll-free at 1-866-884-2071 or UBS Securities LLC toll-free at 1-877-827-6444, ext. 561 3884.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the notes or any other securities, nor will there be any sale of the notes or any other 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 469 value-oriented shopping centers representing 119 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.
SOURCE DDR Corp.