BEACHWOOD, Ohio, May 23, 2017 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) today announced the pricing of $450
million of senior unsecured notes in an underwritten public
offering. The offering consists of $450 million of 4.700% notes due 2027. The
notes are being offered to investors at a price of 99.817% with a
yield to maturity of 4.723%. Interest on the notes will be
paid semi-annually on June 1 and
December 1, beginning December 1, 2017. The offering is expected
to close on or about May 26, 2017,
subject to the satisfaction of customary closing conditions.
Jefferies LLC, J.P. Morgan Securities LLC and Wells Fargo
Securities, LLC are serving as joint book-running managers for the
offering. BNY Mellon Capital Markets, LLC, Capital One Securities,
Inc., Scotia Capital (USA) Inc.
and U.S. Bancorp Investments, Inc. are serving as senior
co-managers, and FTN Financial Securities Corp., The Huntington
Investment Company, SMBC Nikko Securities America, Inc. and The
Williams Capital Group, L.P. are serving as co-managers, for the
offering.
DDR intends to use the net proceeds from the offering of the
notes to repay debt under its $750
million unsecured revolving credit facility and for general
corporate purposes, which may include the repayment of secured and
unsecured debt from time to time.
The notes are being offered pursuant to an effective shelf
registration statement that has previously been filed with the
Securities and Exchange Commission (the "SEC"). The offering
will be made solely by means of a prospectus supplement and
accompanying prospectus filed with the SEC. You may obtain
these documents without charge from the SEC at www.sec.gov.
Alternatively, you may request copies of these documents by
contacting Jefferies LLC, 520 Madison Avenue, New York, New York 10022, Attention:
Investment Grade Syndicate Desk, or by calling 1-877-877-0696; J.P.
Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention:
Investment Grade Syndicate Desk – 3rd floor, telephone: (212)
834-4533 (collect); or Wells Fargo Securities, LLC, 608 2nd Avenue
South, Suite 1000, Minneapolis,
Minnesota 55402, Attention: WFS Customer Service; by calling
toll-free: 1-800-645-3751 or by emailing:
wfscustomerservice@wellsfargo.com.
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.
ABOUT DDR Corp.
DDR is an owner and manager of 309
value-oriented shopping centers representing 103 million square
feet in 35 states and Puerto Rico. The Company owns a
high-quality portfolio of open-air shopping centers in major
metropolitan areas that provide a highly-compelling shopping
experience and merchandise mix for retail partners and consumers.
The Company actively manages its assets with a focus on creating
long-term shareholder value. DDR is a self-administered and
self-managed REIT operating as a fully integrated real estate
company, and is publicly traded on the New York Stock Exchange
under the ticker symbol DDR.
Safe Harbor
DDR considers portions of the
information in this press release to be forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, both as
amended, with respect to the Company's expectation for future
periods. Although the Company believes that the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that its
expectations will be achieved. For this purpose, any statements
contained herein that are not historical fact may be deemed to be
forward-looking statements. There are a number of important factors
that could cause our results to differ materially from those
indicated by such forward-looking statements, including, among
other factors, local conditions such as supply of space or a
reduction in demand for real estate in the area; competition from
other available space; dependence on rental income from real
property; the loss of, significant downsizing of or bankruptcy of a
major tenant; redevelopment and construction activities may not
achieve a desired return on investment; our ability to buy or sell
assets on commercially reasonable terms; our ability to complete
acquisitions or dispositions of assets under contract; our ability
to secure equity or debt financing on commercially acceptable terms
or at all; our ability to enter into definitive agreements with
regard to our financing and joint venture arrangements or our
failure to satisfy conditions to the completion of these
arrangements; the success of our deleveraging strategy; and any
impact or results from the Company's portfolio transition or any
change in strategy. For additional factors that could cause the
results of the Company to differ materially from those indicated in
the forward-looking statements, please refer to the Company's Form
10-K for the year ended December 31,
2016. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof.
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SOURCE DDR Corp.