BEACHWOOD, Ohio, Aug. 7, 2017 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced the pricing of $350 million of senior unsecured notes in an
underwritten public offering. The offering consists of
$350 million of 3.900% notes due
2024. The notes are being offered to investors at a price of
99.703% with a yield to maturity of 3.949%. Interest on the
notes will be paid semi-annually on February
15 and August 15, beginning
February 15, 2018. The offering
is expected to close on or about August 16,
2017, subject to the satisfaction of customary closing
conditions.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, U.S.
Bancorp Investments, Inc. and J.P. Morgan Securities LLC are
serving as joint book-running managers for the offering. KeyBanc
Capital Markets Inc., Regions Securities LLC, Scotia Capital
(USA) Inc., BNY Mellon Capital
Markets, LLC and Capital One Securities, 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 redeem all $300 million
aggregate principal amount (plus the make-whole amount) of its
7.875% Notes due 2020 and to use any additional net proceeds for
general corporate purposes.
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 Citigroup Global Markets Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling
toll-free: 1-800-831-9146, or by emailing prospectus@citi.com;
Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, attention of
Prospectus Department, or by calling toll-free: 1-866-471-2526, or
by facsimile: 212-902-9316, or by emailing
prospectus-ny@ny.email.gs.com; or U.S. Bancorp Investments, Inc.,
214 North Tryon Street, 26th Floor, Charlotte, North Carolina, 28202, attention of
High Grade Syndicate Desk, or by calling toll-free:
1-877-558-2607.
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 298 value-oriented shopping
centers representing 100 million square feet in 34 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.
