DDR Corp Prices $300 Million 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 4.625% notes due 2022. The notes are being offered to investors at a price of 98.104% with a yield to maturity of 4.865%. Interest on the notes will be paid semi-annually on January 15 and July 15. The offering is expected to close on or about June 22, 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 $291.7 million. DDR intends to use a portion of the net proceeds to redeem its 5.375% Notes due 2012, of which approximately $223.5 million aggregate principal amount is outstanding. The remaining net proceeds will be used for general corporate purposes. Deutsche Bank Securities Inc., RBS Securities Inc. and UBS Securities LLC are serving as joint book-running managers; BNY Mellon Capital Markets, LLC, 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 FTN Financial Securities Corp., ING Financial Markets LLC, The Huntington Investment Company, Moelis & Company LLC and Scotia Capital (USA) Inc. are serving as co-managers for the offering.
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