Developers Diversified Realty Corporation Announces Expiration and Results of Its Tender Offer for Any and All of Three Series of Its Existing Senior Notes

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Developers Diversified Realty Corporation

Mar 04, 2010, 08:00 ET

CLEVELAND, March 4 Developers Diversified Realty Corporation (the "Company") (NYSE: DDR) 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 www.ddr.com.

SOURCE Developers Diversified Realty Corporation

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