Developers Diversified Realty (DDR) Completes $400 Million Securitization
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Developers Diversified Realty Corporation (NYSE: DDR) announced today the successful closing of the securitization of a $400 million, five year loan to the Company that was originated by an affiliate of Goldman, Sachs & Co. on October 8, 2009. Commencing Wednesday, November 25, 2009, the blended interest rate on the loan that the Company pays is 4.225%. The triple-A rated portion of the certificates in the securitization constituted "eligible collateral" under the Term Asset-Backed Securities Loan Facility, or TALF, provided by the Federal Reserve Bank of New York.
The mortgage loan to the Company is secured by a pool of 28 assets. Proceeds from the initial loan, originated on October 8, were used primarily to repay secured debt with near term maturities and reduce balances on the Company's revolving credit facilities. The Company has repaid over $270 million of mortgage debt with a weighted average duration of 1.2 years and an interest rate of approximately 6.2%. Additionally, since the end of the third quarter, the Company has used retained cash flow and revolver availability to retire approximately $119 million of unsecured notes with a weighted average duration of 1.6 years and a yield to maturity of approximately 6.6%.
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