Developers Diversified Announces Expiration of Early Participation Period for Cash Tender Offers
August 31 2009 - 7:47AM
Marketwired
Developers Diversified Realty (NYSE: DDR) announced the expiration
of the early participation period in connection with its previously
announced offers to purchase for cash ("Tender Offers") the
following series of Notes for an aggregate consideration of $200
million for the maximum aggregate principal amount of its:
1. 5.00% Notes due 2010 and 4.625% Notes due 2010 available for
$70,000,000 (excluding accrued interest and subject to increase);
2. 5.25% Notes due 2011 and 5.375% Notes due 2012 available for
$90,000,000 (excluding accrued interest and subject to increase);
and
3. 5.50% Notes due 2015 and 7.50% Notes due 2018 available for
$40,000,000 (excluding accrued interest and subject to increase).
As of 5:00 p.m., New York City time, on August 27, 2009 (the
"Early Participation Deadline"), the aggregate principal amount of
each series of Notes validly tendered and not validly withdrawn was
as follows:
Aggregate Principal
Notes Amount Tendered
------------------------- -------------------
2010 Notes
5.00% Notes due 2010 $89,420,000
4.625% Notes due 2010 $134,997,000
2011 and 2012 Notes
5.25% Notes due 2011 $75,222,000
5.375% Notes due 2012 $229,777,000
2015 and 2018 Notes
5.50% Notes due 2015 $88,389,000
7.50% Notes due 2018 $46,119,000
In each of the Tender Offers to purchase the Notes described
above, the price will be determined in accordance with a modified
Dutch auction procedure on the terms and conditions set forth in
the Offer to Purchase, dated August 13, 2009 (as it may be amended
or supplemented from time to time, the "Offer to Purchase").
As described in the Offer to Purchase, Holders who validly
tendered (and did not validly withdraw) Notes pursuant to a Tender
Offer at or prior to the Early Participation Deadline will receive
the applicable "Total Consideration," including an early
participation payment of $40.00 per $1,000 principal amount of
Notes (the "Early Participation Payment") tendered in such Tender
Offer. Holders who validly tender Notes after the Early
Participation Deadline will not be eligible to receive the Early
Participation Payment.
Each Tender Offer is scheduled to expire at midnight, New York
City time, on September 11, 2009. Holders no longer have the right
to withdraw their tender of Notes.
The Tender Offers are conditioned upon the satisfaction or
waiver of certain conditions as described in the Offer to
Purchase.
David Oakes, Developers Diversified's Senior Executive Vice
President of Finance and Chief Investment Officer, commented, "We
continue to work diligently on our de-leveraging plan. Retiring
debt at discounts to par value is one initiative in a multi-faceted
approach to improving our balance sheet. We look forward to
reporting additional progress in the coming months."
The Company has retained Goldman, Sachs & Co. to act as the
dealer manager for the Tender Offers and has retained Global
Bondholder Services Corporation to act as the information agent and
depositary for the Tender Offers. Questions regarding the Tender
Offers should be directed to Goldman, Sachs & Co. at (800)
828-3182 (toll-free) or (212) 902-5183 (collect). Requests for
documentation relating to the Tender Offers should be directed to
Global Bondholder Services Corporation at (866) 952-2200
(toll-free) or (212) 430-3774 (banks and brokers only).
This press release is neither an offer to purchase nor a
solicitation to buy any of these Notes nor is it a solicitation for
acceptance of the Tender Offer. Developers Diversified Realty is
making the Tender Offer only by, and pursuant to the terms of, the
Offer to Purchase and the related Letter of Transmittal. The Tender
Offer is not being made in any jurisdiction in which the making or
acceptance thereof would not be in compliance with the securities,
blue sky or other laws of such jurisdiction. None of Developers
Diversified Realty, the Dealer Manager or the Information Agent
makes any recommendation in connection with the Tender Offer.
Developers Diversified as of June 30, 2009 owned and managed
approximately 690 retail operating and development properties in 45
states, plus Puerto Rico, Brazil and Canada totaling approximately
151 million square feet. The Company is a self-administered and
self-managed real estate investment trust (REIT) operating as a
fully integrated real estate company which acquires, develops and
leases shopping centers. Additional information about Developers
Diversified is available on the Internet at http://www.ddr.com.
Contact: Kate Deck Investor Relations Director Developers
Diversified Realty Main: (216) 755-5500 E-mail: Email Contact
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