DDR Announces the Final Conversion Price for Its 1.75% Convertible Notes due 2040
BEACHWOOD, Ohio, Nov. 17, 2015 /PRNewswire/ -- DDR Corp. (NYSE: DDR) today announced that it has determined the final conversion price for its 1.75% Convertible Notes due 2040 (the "notes"). As previously announced, the notes became convertible on October 6, 2015 when DDR issued its notice of redemption with respect to the notes (as described below). The notes became convertible at a conversion price consisting of cash up to the aggregate principal amount of the notes converted (the "Base Conversion Price"), and common shares (or cash in lieu of fractional shares) in respect of the remainder, if any, of DDR's conversion obligation in excess of the aggregate principal amount of the notes being converted (the "Premium," and, together with the Base Conversion Price, the "Conversion Price"). The Premium was to be calculated by reference to the current applicable conversion rate (69.2170 common shares per $1,000 principal amount of the notes (the "Conversion Rate")) and the daily volume-weighted average price per share of DDR's common shares for each trading day during the period from October 7, 2015 through the close of the market on November 17, 2015.
The final Conversion Price per $1,000 principal amount of the notes consists of the Base Conversion Price and a Premium of 9.0311 common shares. Holders of the notes have until 5:00 p.m., New York City time, on November 18, 2015, to elect to convert their notes. DDR expects to pay the Conversion Price to holders that convert their notes on or about November 19, 2015.
As previously announced, DDR will redeem, on November 20, 2015, any and all notes that remain outstanding and that are not converted as described above. The redemption price will be $1,000 in cash per $1,000 principal amount of the notes to be redeemed plus unpaid interest accrued thereon to, but excluding, such date.
DDR has filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the "SEC") and has made available to holders of the notes, through the Depository Trust Company, documents specifying the terms, conditions and procedures for converting their notes. Holders of the notes are encouraged to read these documents carefully before deciding to convert their notes because these documents contain important information regarding these transactions. Holders of the notes and other interested parties may obtain a free copy of these statements and other relevant documents at the SEC's website, http://www.sec.gov, or from DDR's website at www.ddr.com, or from DDR Corp. at 3300 Enterprise Parkway, Beachwood, Ohio 44122, Attn: Matt Lougee, Senior Vice President of Finance, telephone (216) 755-5500, or from the Trustee, Paying Agent and Conversion Agent for the Offer at U.S. Bank National Association, Attn: Corporate Actions, 111 Fillmore Avenue, St. Paul, Minnesota 55107-1402.
About DDR Corp.
DDR is an owner and manager of 378 value-oriented shopping centers representing 116 million square feet in 41 states and Puerto Rico. The Company's portfolio is comprised primarily of large-format power centers located in top markets across the United States, and is actively managed to create 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. Additional information about the Company is available at www.ddr.com.
SOURCE DDR Corp.
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