Developers Diversified Increases Size of Cash Tender Offers
September 02 2009 - 10:53AM
Marketwired
Developers Diversified Realty (NYSE: DDR) announced today that it
has increased the maximum payment amount for its offer to purchase
for cash its 5.00% Notes due 2010 and 4.625% Notes due 2010 ("the
2010 Tender Offer") by $3,000,000 and the maximum payment amount
for its offer to purchase for cash its 5.25% Notes due 2011 and
5.375% Notes due 2012 (the "2011 and 2012 Tender Offer") by
$25,000,000. Developers Diversified is now offering to purchase the
maximum aggregate principal amount of its 5.00% Notes due 2010 and
4.625% Notes due 2010 available for $73,000,000 (excluding accrued
interest and subject to increase) and the maximum aggregate
principal amount of its 5.25% Notes due 2011 and 5.375% Notes due
2012 available for $115,000,000 (excluding accrued interest and
subject to increase).
As of 10:00 a.m., New York City time, on September 2, 2009, the
aggregate principal amount of each series of Notes validly tendered
pursuant to the 2010 Tender Offer and the 2011 and 2012 Tender
Offer was as follows:
Aggregate Principal
Notes Amount Tendered
------------------------- ---------------------
2010 Notes
5.00% Notes due 2010 $ 89,420,000
4.625% Notes due 2010 $ 134,998,000
2011 and 2012 Notes
5.25% Notes due 2011 $ 75,222,000
5.375% Notes due 2012 $ 229,844,000
Developers Diversified also announced that it is extending the
early participation deadline for the 2010 Tender Offer and the 2011
and 2012 Tender Offer until midnight, New York City time, on
September 16, 2009 (as may be extended by Developers Diversified,
the "Early Participation Deadline") and that it is extending the
expiration time for the 2010 Tender Offer and the 2011 and 2012
Tender Offer until midnight, New York City time, on September 16,
2009. Holders who validly tender Notes pursuant to the 2010 Tender
Offer or the 2011 and 2012 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.
Developers Diversified has not increased the maximum payment
amount for its offer to purchase for cash the maximum aggregate
principal amount of its 5.50% Notes due 2015 and 7.50% Notes due
2018 (the "2015 and 2018 Tender Offer") available for $40,000,000
(excluding accrued interest and subject to increase). The early
participation period for the 2015 and 2018 Tender Offer expired at
5:00 P.M., New York City time, on August 27, 2009, and the 2015 and
2018 Tender Offer remains scheduled to expire at midnight, New York
City time, on September 11, 2009.
In each of the Tender Offers 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 amended by this press release and as it may be
further amended or supplemented from time to time, the "Offer to
Purchase"). Holders no longer have the right to withdraw their
tender of Notes in any Tender Offer.
The Tender Offers are conditioned upon the satisfaction or
waiver of certain conditions as described in the Offer to
Purchase.
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, as amended
by this press release. 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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