DDR Corp. Prices $150 million Reopening of its 2022 Senior
Unsecured Notes
BEACHWOOD, Ohio, Nov. 19, 2012 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced the pricing of $150 million of senior unsecured notes in an
underwritten public offering. The offering consists of $150 million of 4.625% notes due 2022 at a price
of 109.223% representing a yield to maturity of 3.465%. The notes
will have the same terms and be of the same series as the notes
that DDR issued on June 22, 2012 and,
upon consummation of this offering, DDR will have a total of
$450 million of such notes
outstanding. Interest on the notes will be paid semi-annually on
January 15 and July 15 commencing on January 15, 2013. The offering is expected to
close on or about November 27, 2012,
subject to customary closing conditions.
(Logo: http://photos.prnewswire.com/prnh/20110912/CL65938LOGO
)
The net proceeds to DDR, after subtracting the underwriting
discount and estimated offering expenses, are expected to be
approximately $162.2 million. DDR
intends to use the net proceeds for general corporate purposes,
including the potential repayment of debt.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc.,
RBS Securities Inc., UBS Securities LLC and Wells Fargo Securities,
LLC are serving as joint book-running managers; 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 Evercore Group L.L.C., FTN Financial Securities
Corp, 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
Citigroup Global Markets Inc. toll free at 1-800-831-9146, Deutsche
Bank Securities Inc. toll-free at 1-800-503-4611 or
prospectus.CPDG@db.com, RBS Securities Inc. toll-free at
1-866-884-2071, UBS Securities LLC toll-free at 1-877-827-6444,
ext. 561 3884, or Wells Fargo Securities, LLC toll-free at
1-800-326-5897.
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.
About DDR
DDR is an owner and manager of 459 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.
Safe Harbor
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 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; 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, 2011, 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.