BEACHWOOD, Ohio, Aug. 7, 2017 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced the pricing of $350 million of senior unsecured notes in an underwritten public offering. The offering consists of $350 million of 3.900% notes due 2024. The notes are being offered to investors at a price of 99.703% with a yield to maturity of 3.949%. Interest on the notes will be paid semi-annually on February 15 and August 15, beginning February 15, 2018. The offering is expected to close on or about August 16, 2017, subject to the satisfaction of customary closing conditions.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, U.S. Bancorp Investments, Inc. and J.P. Morgan Securities LLC are serving as joint book-running managers for the offering. KeyBanc Capital Markets Inc., Regions Securities LLC, Scotia Capital (USA) Inc., BNY Mellon Capital Markets, LLC and Capital One Securities, Inc. are serving as senior co-managers, and FTN Financial Securities Corp., The Huntington Investment Company, SMBC Nikko Securities America, Inc. and The Williams Capital Group, L.P. are serving as co-managers for the offering.
DDR intends to use the net proceeds from the offering of the notes to redeem all $300 million aggregate principal amount (plus the make-whole amount) of its 7.875% Notes due 2020 and to use any additional net proceeds for general corporate purposes.
The notes 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 Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling toll-free: 1-800-831-9146, or by emailing email@example.com; Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, attention of Prospectus Department, or by calling toll-free: 1-866-471-2526, or by facsimile: 212-902-9316, or by emailing firstname.lastname@example.org; or U.S. Bancorp Investments, Inc., 214 North Tryon Street, 26th Floor, Charlotte, North Carolina, 28202, attention of High Grade Syndicate Desk, or by calling toll-free: 1-877-558-2607.
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 298 value-oriented shopping centers representing 100 million square feet in 34 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.
SOURCE DDR Corp.