Developers Diversified Realty (NYSE: DDR) recently announced the pricing of $300 million of senior unsecured notes in an underwritten public offering. The offering consists of $300 million of 9.625% notes due March 2016. The notes are being offered to investors at a price of 99.42% with a yield to maturity of 9.75%. Interest on the notes will be paid semi-annually on March 15 and September 15. The offering is expected to close on or about September 30, 2009 subject to customary closing conditions.
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The net proceeds to the Company, after subtracting underwriting discounts and offering expenses, are expected to be approximately $295 million, which the Company intends to use to repay debt with shorter term maturities and to reduce balances on the Company's revolving credit facilities. Banc of America Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. are serving as joint book-running managers; Deutsche Bank Securities Inc., Goldman, Sachs & Co, Key Banc Capital Markets Inc. and Wells Fargo Securities LLC are serving as senior co-managers and ING Financial Markets LLC, Knight Libertas LLC, Morgan Keegan & Company Inc, PNC Capital Markets LLC, Scotia Capital (USA) Inc., UBS Securities LLC and U.S. Bancorp Investments, Inc. are serving as co-managers for the offering. A registration statement relating to the notes has been filed with and declared effective by the SEC. 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, by contacting Banc of America Securities LLC toll-free at 1-800-294-1322, Citigroup Global Markets Inc. toll-free at 1-877-858-5407, or J.P. Morgan Securities Inc. collect at 1-212-834-4533.
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