BEACHWOOD, Ohio, May 30, 2017 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced that it has priced an underwritten
public offering of 7,000,000 depositary shares, each representing a
1/20th fractional interest in a share of its newly designated
6.375% Class A Cumulative Redeemable Preferred Shares at a price of
$25.00 per depositary share. The
offering is expected to close on or about June 5, 2017, subject to the satisfaction of
customary closing conditions. DDR intends to apply to list the
depositary shares on the New York Stock Exchange under the symbol
"DDR PR A." 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.
Wells Fargo Securities, LLC, RBC Capital Markets, LLC, Stifel,
Nicolaus & Company, Incorporated and UBS Securities LLC are
serving as joint book-running managers for the offering and Robert
W. Baird & Co. Incorporated and KeyBanc Capital Markets Inc.
are serving as co-managers for the offering.
DDR intends to use the net proceeds from the offering of the
depositary shares to repay debt, including but not limited to, its
4.75% Notes due 2018, and for general corporate purposes.
The depositary shares 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 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; RBC Capital Markets, LLC, 200
Vesey Street, 8th Floor, New York, New
York 10281, Attention: Transaction Management, by calling
toll-free 1-866-375-6829 or by emailing:
rbcnyfixedincomeprospectus@rbccm.com; Stifel, Nicolaus &
Company, Incorporated, One South
Street, 15th Floor, Baltimore,
Maryland 21202, Attention: Syndicate Department, by calling
toll-free 1-855-300-7136 or by emailing:
SyndProspectus@stifel.com; or UBS Securities LLC, 1285 Avenue
of the Americas, New York, New
York, Attention: Prospectus Department or by calling
toll-free: 1-888-827-7275.
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.