Developers Diversified Realty Corporation Announces Expiration and Results of Its Tender Offer for Any and All of Three Series o
March 04 2010 - 8:00AM
PR Newswire (US)
CLEVELAND, March 4 Developers Diversified Realty Corporation (the
"Company") today announced the results of its cash tender offer for
any and all of its outstanding 5.00% Senior Notes due 2010, any and
all of its outstanding 4.625% Senior Notes due 2010 and any and all
of its outstanding 5.25% Senior Notes due 2011 (collectively, the
"Notes"). The tender offer expired at 5:00 p.m., New York City
time, on Wednesday, March 3, 2010 (the "Expiration Time"). The
following table sets forth the aggregate principal amount of Notes
outstanding prior to giving effect to the tender offer, the
aggregate principal amount of Notes validly tendered and accepted
for payment by the Company and the percentage of outstanding
aggregate principal amount of Notes that were validly tendered and
accepted for payment by the Company. Percentage of Outstanding
Aggregate Aggregate Aggregate Principal Principal Principal Amount
Amount CUSIP Security Amount Accepted for Accepted for Number
Description Outstanding Payment Payment
------------------------------------------------------------------------
251591AL7 5.00% Senior Notes due 2010 $151,279,000 $3,975,000 2.63%
251591AG8 4.625% Senior Notes due 2010 $176,305,000 $24,656,000
13.98% 251591AK9 5.25% Senior Notes due 2011 $179,192,000
$54,446,000 30.38% Total: $506,776,000 $83,077,000 16.39% The
aggregate consideration of approximately $83.1 million, plus
accrued and unpaid interest, is expected to be paid by the Company
on Monday, March 8, 2010. BofA Merrill Lynch and Deutsche Bank
Securities acted as dealer managers for the Offer, and Global
Bondholder Services Corporation acted as information agent and
depositary for the Offer. About Developers Diversified Realty
Developers Diversified owns and manages approximately 665 retail
operating and development properties in 44 states, Brazil, Canada
and Puerto Rico. Totaling more than 147 million square feet, the
Company's shopping center portfolio features open-air,
value-oriented neighborhood and community centers, mixed-use
centers and lifestyle centers located in prime markets with stable
populations and high-growth potential. Developers Diversified is
the largest landlord in Puerto Rico and owns a premier portfolio of
regional malls in and around Sao Paulo, Brazil. Developers
Diversified is a self-administered and self-managed REIT operating
as a fully integrated real estate company. Additional information
about the Company is available on the Internet at
http://www.ddr.com/. DATASOURCE: Developers Diversified Realty
Corporation CONTACT: Kate Deck, Investor Relations Director,
Developers Diversified,+1-216-755-5500, kdeck@ddr.com Web Site:
http://www.ddr.com/
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