BEACHWOOD, Ohio, March 25, 2013 /PRNewswire/ -- DDR Corp.
(NYSE: DDR) today announced that it has priced an underwritten
public offering of 6,000,000 depositary shares, each representing a
1/20th fractional interest in a share of its newly designated 6.25%
Class K Cumulative Redeemable Preferred Shares at a price of
$25.00 per depositary share. DDR
granted the underwriters a 30-day option to purchase up to 900,000
depositary shares solely to cover over-allotments, if any.
The offering is expected to close on or about April 9, 2013, subject to customary closing
conditions. DDR intends to apply to list the depositary shares on
the New York Stock Exchange under the symbol "DDR PR K". If the
application is approved, DDR expects trading of the depositary
shares on the New York Stock Exchange to commence within the 30‐day
period after the initial delivery of the depositary shares.
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Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC
Capital Markets, LLC, UBS Securities LLC and Wells Fargo
Securities, LLC are serving as joint book-running managers for the
offering; Jefferies LLC and BNY Mellon Capital Markets, LLC are
serving as joint lead managers; and Robert W. Baird & Co.
Incorporated and Deutsche Bank Securities Inc. are serving as
co-managers for the offering. DDR expects to use the net
proceeds from the offering to pay the redemption price of a portion
of its 7 3/8% Class H Cumulative Redeemable Preferred Shares.
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, from: Citigroup Global
Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717,
telephone: (800) 831-9146; J.P. Morgan Securities LLC, 383 Madison
Avenue, New York, NY 10179, Attn:
High Grade Syndicate Desk, telephone: (212) 834-4533; RBC Capital
Markets, LLC, Three World Financial Center, 200 Vesey Street, 8th
Floor, New York, NY 10281-8098,
Attn: Prospectus Department, telephone: (866) 375-6829; UBS
Securities LLC, 299 Park Avenue, New
York, NY 10171, Attention: Prospectus Department, telephone:
(877) 827-6444 ext. 561 3884; and Wells Fargo Securities, LLC, 1525
West W.T. Harris Blvd., NC0675, Charlotte, NC 28262, Attn: Capital Markets
Support, telephone: (800) 326-5897.
This release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor will there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale is not permitted. A
registration statement relating to these securities has been filed
with the Securities and Exchange Commission and is effective.
About DDR
DDR is an owner and manager of 454
value-oriented shopping centers representing 116 million square
feet in 39 states, Puerto Rico and
Brazil. The Company's assets are
concentrated in high barrier-to-entry markets with stable
populations and high growth potential and its portfolio 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.
Safe Harbor
DDR considers portions of the information
in this press release to be forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, both as amended, with
respect to the Company's expectation for future periods.
Although the Company believes that the expectations reflected in
such forward-looking statements are based upon reasonable
assumptions, it can give no assurance that its expectations will be
achieved. For this purpose, any statements contained herein
that are not historical fact may be deemed to be forward-looking
statements. There are a number of important factors that
could cause the Company's results to differ materially from those
indicated by such forward-looking statements, including, among
other factors, local conditions such as oversupply of space or a
reduction in demand for real estate in the area; competition from
other available space; dependence on rental income from real
property; the loss of, significant downsizing of or bankruptcy of a
major tenant; constructing properties or expansions that produce a
desired yield on investment; the Company's ability to buy or sell
assets on commercially reasonable terms; the Company's ability to
complete acquisitions or dispositions of assets under contract; the
Company's ability to secure equity or debt financing on
commercially acceptable terms or at all; the Company's ability to
enter into definitive agreements with regard to the Company's
financing and joint venture arrangements or the Company's failure
to satisfy conditions to the completion of these arrangements; and
the success of the Company's capital recycling strategy. For
additional factors that could cause the results of the Company to
differ materially from those indicated in the forward-looking
statements, please refer to the Company's Form 10-K for the year
ended December 31, 2012, as
amended. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof.
SOURCE DDR Corp.