BEACHWOOD, Ohio, Nov. 5, 2010 /PRNewswire-FirstCall/ -- Developers
Diversified Realty Corporation (NYSE: DDR) announced that it has
closed its underwritten public offering of 1.75% convertible senior
notes due 2040. Additionally, the underwriters have exercised their
$45 million over-allotment option. As
a result, the Company issued $350
million aggregate principal amount of its convertible senior
notes.
Developers Diversified expects to use the net proceeds from the
offering to reduce balances on its corporate revolving credit
facilities and for general corporate purposes.
J.P. Morgan Securities LLC, Goldman, Sachs & Co., Deutsche
Bank Securities Inc. and UBS Securities LLC served as joint
book-running managers, KeyBanc Capital Markets Inc., RBC Capital
Markets Corporation, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc.
served as senior co-managers, and Daiwa Capital Markets America
Inc., FBR Capital Markets & Co., ING Financial Markets LLC and
RBS Securities Inc. served as co-managers.
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. A
registration statement relating to these securities has been filed
with the Securities and Exchange Commission and is effective.
A prospectus supplement and accompanying prospectus relating to
this offering has been filed with the Securities and Exchange
Commission and may be obtained from: J.P. Morgan Securities LLC,
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717 or at
1-866-803-9204; or from Goldman, Sachs & Co., Attention
Prospectus Department, 200 West Street, New York, New York 10282, or at (212) 902-1171
or toll-free (866) 471-2526 or by emailing
prospectus-ny@ny.email.gs.com; or from Deutsche Bank Securities
Inc., 100 Plaza One, Second Floor, Jersey
City, NJ 07311, or at 1-800-503-4611; or from UBS Securities
LLC, Prospectus Department, 299 Park Avenue, New York, NY 10171 or at 1-888-827-7275.
Developers Diversified owns and manages approximately 590 retail
operating and development properties in 41 states, Brazil, Canada and Puerto
Rico. Totaling more than 134 million square feet, Developers
Diversified'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.
Cautionary Note on Forward-Looking Statements
Developers Diversified considers portions of this 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 with respect to Developers Diversified's expectation
for future periods. Although Developers Diversified 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 oversupply 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; constructing properties or expansions that produce a
desired yield on investment; Developers Diversified's ability to
sell assets on commercially reasonable terms; Developers
Diversified's 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; and the finalization of the
financial statements for the three-month period ended September 30, 2010.. For additional factors that
could cause Developers Diversified's results to differ materially
from those indicated in the forward-looking statements, please
refer to Developers Diversified's Annual Report on Form 10-K for
the year ended December 31, 2009.
Developers Diversified undertakes no obligation to publicly revise
these forward-looking statements to reflect events or circumstances
that arise after the date hereof.
SOURCE Developers Diversified Realty Corporation