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.
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