BEACHWOOD, Ohio, March 25, 2013 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced that it has priced an underwritten public offering of 6,000,000 depositary shares, each representing a 1/20th fractional interest in a share of its newly designated 6.25% Class K Cumulative Redeemable Preferred Shares at a price of $25.00 per depositary share. DDR granted the underwriters a 30-day option to purchase up to 900,000 depositary shares solely to cover over-allotments, if any. The offering is expected to close on or about April 9, 2013, subject to customary closing conditions. DDR intends to apply to list the depositary shares on the New York Stock Exchange under the symbol "DDR PR K". If the application is approved, DDR expects trading of the depositary shares on the New York Stock Exchange to commence within the 30‐day period after the initial delivery of the depositary shares.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are serving as joint book-running managers for the offering; Jefferies LLC and BNY Mellon Capital Markets, LLC are serving as joint lead managers; and Robert W. Baird & Co. Incorporated and Deutsche Bank Securities Inc. are serving as co-managers for the offering. DDR expects to use the net proceeds from the offering to pay the redemption price of a portion of its 7 3/8% Class H Cumulative Redeemable Preferred Shares.
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, from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (800) 831-9146; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attn: High Grade Syndicate Desk, telephone: (212) 834-4533; RBC Capital Markets, LLC, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Attn: Prospectus Department, telephone: (866) 375-6829; UBS Securities LLC, 299 Park Avenue, New York, NY 10171, Attention: Prospectus Department, telephone: (877) 827-6444 ext. 561 3884; and Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, NC 28262, Attn: Capital Markets Support, telephone: (800) 326-5897.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.
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