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DDR Corp prices USD150m reopening of its 2022 senior unsecured notes

DDR Corp has announced the pricing of USD150m of senior unsecured notes in an underwritten public offering.

The offering consists of USD150m of 4.625 per cent notes due 2022 at a price of 109.223 per cent representing a yield to maturity of 3.465 per cent.

The notes will have the same terms and be of the same series as the notes that DDR issued on 22 June 2012 and, upon consummation of this offering, DDR will have a total of USD450m of such notes outstanding.

Interest on the notes will be paid semi-annually on 15 January and 15 July commencing on 15 January 2013. The offering is expected to close on or about 27 November 2012, subject to customary closing conditions.

The net proceeds to DDR, after subtracting the underwriting discount and estimated offering expenses, are expected to be approximately USD162.2m. DDR intends to use the net proceeds for general corporate purposes, including the potential repayment of debt.

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