Developers Diversified Sells Debt

It plans to place $250 million worth of convertible notes.
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Developers Diversified Realty


plans to offer $250 million aggregate principal amount of convertible senior notes due 2011 through an offering to qualified institutional buyers in accordance with Rule 144A.

The company expects to use the net proceeds from the offering to repurchase about $50 million of its common shares, for the repayment of outstanding debt under its senior unsecured credit facility and for other general business purposes. It also expects to use a portion of the net proceeds from the offering to fund the cost of a convertible note hedge transaction.

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