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DDR Prices $300 Million Offering Of Senior Unsecured Notes

BEACHWOOD, Ohio, May 16, 2013 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced the pricing of $300 million of senior unsecured notes in an underwritten public offering.  The offering consists of $300 million of 3.375% notes due 2023.  The notes are being offered to investors at a price of 99.397% with a yield to maturity of 3.447%.  Interest on the notes will be paid semi-annually on May 15 and November 15.  The offering is expected to close on or about May 23, 2013, subject to customary closing conditions.

(Logo: http://photos.prnewswire.com/prnh/20110912/CL65938LOGO )

UBS Securities LLC, Jefferies LLC, RBS Securities Inc., U.S. Bancorp Investments, Inc. and Scotia Capital ( USA) Inc. are serving as joint book-running managers for the offering. BNY Mellon Capital Markets, LLC and Regions Securities LLC are serving as senior co-managers, and The Huntington Investment Company, Evercore Group L.L.C. and The Williams Capital Group, L.P. are serving as co-managers, for the offering. 

DDR expects to use a substantial portion of the net proceeds it receives from the offering of the notes to fund part of the cash costs in connection with the acquisition described below.  DDR expects to use the remainder of the net proceeds for general corporate purposes, including the repayment of debt.

On May 15, 2013, DDR and certain of its affiliates entered into a purchase agreement with certain affiliates of The Blackstone Group L.P. pursuant to which DDR has agreed to acquire sole ownership of a portfolio of 30 open-air, value-oriented power centers that are currently owned by a joint venture between affiliates of Blackstone and DDR.

A copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, from: UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171, telephone: 877-827-6444, ext. 5613884; Jefferies LLC, Attention: Debt Syndicate Prospectus Department, 520 Madison Avenue, 12th floor, New York, NY 10022, telephone: 877-547-6340 or email: Prospectus_Department@Jefferies.com; RBS Securities Inc., Attn: Debt Capital Markets Syndicate, 600 Washington Boulevard, Stamford, CT 06901, telephone: 866-884-2071; U.S. Bancorp Investments, Inc., 214 N. Tryon St., Charlotte, North Carolina 28202, telephone: 877-558-2607; and Scotia Capital ( USA) Inc., Attn: Fixed Income Syndicate, 165 Broadway, 25th Floor, New York, NY 10006, telephone: 800-372-3930.

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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