Developers Diversified Realty Corporation Prices $300 Million of Senior Unsecured Notes

CLEVELAND, March 16 /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 of 7.50% notes due April 2017. The notes are being offered to investors at a price of 99.995% with a yield to maturity of 7.50%. Interest on the notes will be paid semi-annually on October 1 and April 1. The offering is expected to close on or about March 19, 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 $296.8 million, which the Company intends to use to repay debt with shorter-term maturities and to reduce balances on the Company’s revolving credit facilities.

Banc of America Securities LLC, Deutsche Bank Securities Inc. and UBS Securities LLC are serving as joint book-running managers; Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc., KeyBanc Capital Markets Inc., Morgan Stanley & Co. Incorporated, U.S. Bancorp Investments, Inc., and Wells Fargo Securities, LLC are serving as senior co-managers; and BNY Mellon Capital Markets, LLC, Daiwa Securities America Inc., ING Financial Markets LLC, Morgan Keegan & Company, Inc., PNC Capital Markets LLC, RBS Securities Inc., and Scotia Capital (USA) Inc. 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: Banc of America Securities LLC, Attention: Prospectus Department, 100 West 33rd Street, 3rd Floor, New York, New York 10001, 1-800-294-1322, email: [email protected]; or Deutsche Bank Securities Inc. at 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3901, 1-800-503-4611, email: [email protected]; or UBS Securities LLC, Attention: Prospectus Specialist, 299 Park Avenue, New York, New York 10171, 1-877-827-6444 (ext 561-3884).

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 645 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 143 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

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED