5.00% Senior Notes due 2010, 4.625% Senior Notes due 2010 and 5.25% Senior Notes due 2011 CLEVELAND, Feb. 23 /PRNewswire-FirstCall/ -- Developers Diversified Realty Corporation (the "Company") (NYSE:DDR) today announced the commencement of a cash tender offer for any and all of its outstanding 5.00% Senior Notes due 2010, any and all of its outstanding 4.625% Senior Notes due 2010 and any and all of its outstanding 5.25% Senior Notes due 2011 (collectively, the "Notes"). There is currently approximately $151.3 million aggregate principal amount of the 5.00% Senior Notes due 2010 outstanding, approximately $176.3 million aggregate principal amount of the 4.625% Senior Notes due 2010 outstanding and approximately $179.2 million of the 5.25% Senior Notes due 2011 outstanding. The tender offer will expire at 5:00 p.m., New York City time, on Wednesday, March 3, 2010, unless extended or earlier terminated by the Company (the "Expiration Time"). The terms and conditions of the tender offer are set forth in an Offer to Purchase dated February 23, 2010 (the "Offer to Purchase") and related Letter of Transmittal, which together constitute the "Offer." The purchase price to be paid for Notes that are validly tendered and not validly withdrawn on or prior to the Expiration Time is set forth in the table below: Principal Purchase Price Amount Security Per $1,000 CUSIP Number Outstanding Description Principal Amount ------------ ----------- ------------------- ---------------- 251591AL7 $151,279,000 5.00% Senior Notes $1,000 due 2010 251591AG8 $176,305,000 4.625% Senior Notes $1,000 due 2010 251591AK9 $179,192,000 5.25% Senior Notes $1,000 due 2011 The Company will pay in respect of any Notes accepted for purchase in the Offer, accrued and unpaid interest up to, but not including, the date of payment for the Notes, which is expected to be the third business day following the Expiration Time. As set forth in the Offer to Purchase or as required by applicable law, tendered Notes may be withdrawn on or before the Expiration Time, but may not be withdrawn after the Expiration Time. Withdrawn Notes may be re-tendered at any time prior to the Expiration Time. The Offer is subject to certain customary conditions, but is not conditioned on the tender of a minimum principal amount of Notes. The Company may amend, extend or, subject to certain conditions, terminate the tender offer at any time. The Company has engaged BofA Merrill Lynch and Deutsche Bank Securities to act as dealer managers for the Offer, and Global Bondholder Services Corporation to act as information agent and depositary for the Offer. Requests for documents may be directed to Global Bondholder Services Corporation at 866.540.1500 (U.S. toll free) or at 212.430.3774 (collect), or in writing to 65 Broadway, Suite 404, New York, NY 10006, Attention: Corporate Actions. Questions regarding the Offer may be directed to BofA Merrill Lynch at 980.388.4603 or 888.292.0070 (U.S. toll free) or to Deutsche Bank Securities at 212.250.2955 or 866.627.0391 (U.S. toll free). This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell with respect to any securities. The solicitation of offers to buy the Notes is only being made pursuant to the terms of the Offer to Purchase and the related Letter of Transmittal. The 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 the Company, the dealer managers, the depositary or the information agent is making any recommendation as to whether or not holders should tender their Notes in connection with the Offer. About Developers Diversified Realty Developers Diversified owns and manages approximately 665 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico. Totaling more than 147 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. Additional information about the Company is available on the Internet at http://www.ddr.com/. DATASOURCE: Developers Diversified Realty Corporation CONTACT: Kate Deck, Investor Relations Director, Developers Diversified, +1-216-755-5500, Web Site: http://www.ddr.com/

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