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.
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.
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