Key Developments: DDR Corp (DDR)
18.71USD
24 May 2013
$0.15 (+0.81%)
$18.56
$18.65
$18.78
$18.47
5,105,047
2,933,038
$19.54
$13.29
Latest Key Developments (Source: Significant Developments)
DDR Corp Prices $300 Million Offering of Senior Unsecured Notes
DDR Corp 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. 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. Full Article
DDR Corp Announces Offering of Common Shares On Forward Basis
DDR Corp announced the commencement of a public offering of approximately 32,000,000 common shares on a forward basis. DDR also expects to grant the underwriters a 30-day option to purchase up to an additional 4,800,000 common shares. Goldman, Sachs & Co., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are serving as joint book-running managers for the offering. DDR expects to use the net proceeds it receives from the forward equity sale to fund part of the cash costs in connection with the acquisition described below. Full Article
DDR Corp Declares Common Share Dividend Of $0.135 For Second Quarter 2013
DDR Corp announced that it declared its second quarter 2013 common stock dividend of $0.135 per share, which represents an increase of 12.5% from the second quarter of 2012. The common stock dividend is payable on July 2, 2013 to shareholders of record at the close of business on June 13, 2013. Full Article
DDR Corp Reaffirms FY 2013 FFO Guidance
DDR Corp announced that for fiscal 2013, it continues to estimate operating FFO between $1.07 and $1.11 per diluted share. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report FFO of $1.10 for fiscal 2013. Full Article
DDR Corp Announces Pricing Of $150 Million 6.25% Class K Cumulative Redeemable Preferred Shares
DDR Corp 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. Full Article
DDR Corp Declares First Quarter 2013 Declares First Quarter 2013 Class H and Class J Preferred Share Dividends
DDR Corp announced that it has declared its first quarter 2013 Preferred Class H stock dividend of $0.460938 per depositary share and Preferred Class J stock dividend of $0.406250 per depositary share. The declared Preferred Class H Dividend is payable April 15, 2013 to shareholders of record at the close of business on April 1, 2013. The declared Preferred Class J Dividend is payable April 15, 2013 to shareholders of record at the close of business on April 1, 2013. Full Article
DDR Corp Reaffirms FY 2013 FFO Guidance
DDR Corp announced that it expects to generate operating FFO per diluted share of $1.07-$1.11 in fiscal 2013. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report FFO of $1.10 for fiscal 2013. Full Article
DDR Corp Announces $1.2 Billion Refinancing Of Unsecured Revolving Credit And Secured Term Loan Facilities
DDR Corp announced that it has closed the refinancing of its two senior unsecured revolving credit facilities scheduled to mature in February 2016 and its senior secured term loan scheduled to mature in September 2014. The new $750 million unsecured revolving credit facility, arranged by J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, has an initial maturity of April 2017, a borrower option to extend an additional year, and contains an accordion feature that provides for $1.25 billion of potential total capacity. DDR also refinanced its $65 million unsecured revolving credit facility, provided solely by PNC Bank, National Association, to match the terms of the $750 million unsecured revolving credit facility. Simultaneously with refinancing its unsecured revolving credit facilities, DDR refinanced its $400 million senior secured term loan scheduled to mature in September 2014. The new secured term loan, arranged by KeyBanc Capital Markets and RBC Capital Markets, has an initial maturity of April 2017 with a borrower option to extend an additional year. Pricing on the new secured term loan is currently set at LIBOR plus 155 bp, a decrease of 15 bp from the previous rate, and is determined based upon DDR's credit ratings from Moody's and S&P. During the fourth quarter of 2012, the secured term loan was reduced to $400 million from $500 million, using proceeds from DDR's re-opening of its 2022 Senior Unsecured Notes. Full Article
DDR Corp Increases Common Stock Dividend by 12.5% for First Quarter 2013
DDR Corp announced that it declared its first quarter 2013 common stock dividend of $0.135 per share, which represents an increase of 12.5% from the fourth quarter of 2012. The common stock dividend is payable on April 2, 2013 to shareholders of record at the close of business on March 14, 2013. Full Article
DDR Corp Issues FY 2013 FFO Guidance In Line With Analysts' Estimates; Revises FY 2012 FFO Guidance
DDR Corp announced that it expects to generate operating FFO per diluted share of $1.07-$1.11 in fiscal 2013, an increase of 5% to 9% over the midpoint of the latest fiscal 2012 guidance. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report FFO of $1.04 for fiscal 2012; FFO of $1.11 for fiscal 2013. Full Article
Fitch Upgrades DDR's IDR to 'BBB-'; Outlook Stable
(The following statement was released by the rating agency) NEW YORK, May 22 (Fitch) Fitch Ratings has upgraded the credit ratings of DDR Corp. (NYSE: DDR) as follows: --Issuer Default Rating (IDR) to 'BBB-' from 'BB+'; --$815 million unsecured revolving credit facilities to 'BBB-' from 'BB+'; --$350 million unsecured term loans to 'BBB-' from 'BB+'; --$2.1 billion senior unsecured notes to 'BBB-' from 'BB+'; --$320.5 million senior unsecured convertible notes to 'BBB-' from 'BB+'; --$405 milli
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