BEACHWOOD, Ohio, July 18, 2012 /PRNewswire/ --DDR Corp. (NYSE: DDR) today announced that it has priced an underwritten public offering of 8,000,000 depositary shares, each representing a 1/20 fractional interest in a share of its newly designated 6.50% Class J Cumulative Redeemable Preferred Shares at a price of $25.00 per depositary share. The offering is expected to close on or about August 1, 2012, 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 J". 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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J.P. Morgan Securities LLC is serving as sole book-running manager for the offering; BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc. 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 its 7.50% Class I Cumulative Redeemable Preferred Shares, and any excess proceeds will be used for other general corporate purposes, which may include payment of the redemption price of a portion of DDR's 7.375% 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: J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: High Grade Syndicate Desk or by calling collect at 1-212-834-4533.
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 469 value-oriented shopping centers representing 119 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 our 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; our ability to sell assets on commercially reasonable terms; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; and our ability to continue to pay dividends on our common shares at the current or higher rates. 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, 2011, 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.
