BEACHWOOD, Ohio, Jan. 12, 2015 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced the pricing of $500 million of senior unsecured notes in an underwritten public offering. The offering consists of $500 million of 3.625% notes due 2025. The notes are being offered to investors at a price of 99.260% with a yield to maturity of 3.714%. Interest on the notes will be paid semi-annually on February 1 and August 1, beginning August 1, 2015. The offering is expected to close on or about January 22, 2015, subject to customary closing conditions.
Deutsche Bank Securities Inc., Jefferies LLC, Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Goldman, Sachs & Co. and RBS Securities Inc. are serving as joint book-running managers for the offering. Capital One Securities, Inc., RBC Capital Markets, LLC, Regions Securities LLC and Scotia Capital (USA) Inc. are serving as senior co-managers, and Evercore Group L.L.C., FTN Financial Securities Corp., The Huntington Investment Company, Sandler O'Neill + Partners, L.P. and SMBC Nikko Securities America, Inc. are serving as co-managers, for the offering.
DDR expects to use the net proceeds it receives from the offering of the notes to repay debt under its $350 million term loan, and if available, under its $750 million unsecured revolving credit facility and for general corporate purposes, which may include the repayment of secured and unsecured debt from time to time.
A copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, from:
Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, NY 10005, by telephone at (800) 503-4611, or by emailing: prospectus.CPDG@db.com; Jefferies LLC, Attention: Debt Syndicate Prospectus Department, 520 Madison Avenue, 12th floor, New York, NY 10022, telephone: (201) 761-7610 or email: Prospectus_Department@Jefferies.com; and Wells Fargo Securities, LLC, Attn: WFS Customer Service, 608 2nd Avenue, South Minneapolis, MN 55402, by telephone at (800) 645-3751, or by emailing: email@example.com.
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.
About DDR Corp.
DDR is an owner and manager of 415 value-oriented shopping centers representing 118 million square feet in 41 states and Puerto Rico. 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, as well as on Twitter, LinkedIn and Facebook.
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; constructing properties or expansions that produce a desired yield 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; and the success of our 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, 2013, 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.