CLEVELAND, Aug. 9 /PRNewswire-FirstCall/ -- Developers
Diversified Realty Corporation (the "Company") (NYSE: DDR) today
announced the pricing of $300 million
of senior unsecured notes in an underwritten public offering.
The offering consists of $300
million aggregate principal amount of 7.875% notes due
September 2020. The notes are
being offered to investors at a price of 99.139% with a yield to
maturity of 8.0%. Interest on the notes will be paid
semi-annually on March 1 and
September 1. The offering is
expected to close on or about August 12,
2010, subject to customary closing conditions.
The net proceeds to the Company, after subtracting the
underwriting discount and estimated offering expenses, are expected
to be approximately $294.1 million,
which the Company intends to use to reduce balances on its
revolving credit facilities and/or collateralized term loan.
J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC are
serving as joint book-running managers; Citigroup Global Markets
Inc., Deutsche Bank Securities Inc., PNC Capital Markets LLC,
Scotia Capital (USA) Inc. and U.S.
Bancorp Investments, Inc. are serving as senior co-managers; and
BNY Mellon Capital Markets, LLC, Goldman, Sachs & Co., KeyBanc
Capital Markets Inc., Mitsubishi UFJ Securities (USA), Inc., Morgan
Keegan & Company, Inc., RBC Capital Markets Corporation,
RBS Securities Inc., Santander Investment Securities Inc. and UBS
Investment Bank are serving as co-managers for the offering.
A registration statement relating to the notes has been filed
with and declared effective by the SEC. The offering may be
made only by means of a prospectus supplement and the accompanying
prospectus. A copy of the final prospectus supplement and
accompanying prospectus relating to this offering may be obtained,
when available, by contacting: J.P. Morgan Securities Inc. collect
at 1-212-834-4533 or Wells Fargo Securities, LLC toll-free at
1-800-326-5897 or by email at
prospectus.specialrequests@wachovia.com.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the notes or any other
securities, nor will there be any sale of the notes or any other
securities in any state or jurisdiction in which such an offer,
solicitation or sale is not permitted.
About Developers Diversified Realty
Developers Diversified owns and manages approximately 620 retail
operating and development properties in 42 states, Brazil, Canada and Puerto
Rico. Totaling more than 137 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.
SOURCE Developers Diversified Realty Corporation
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