Developers Diversified Realty (DDR) Prices 37.3M Common Offering at $8.16/Share
Developers Diversified Realty Corporation (NYSE: DDR) today announced it has priced an offering of 37,295,000 of its common shares at a price of $8.16 per share. The offering is expected to close on February 12, 2010.
The Company intends to use the net proceeds from the offering to repay debt with short-term maturities and reduce balances on the Company's revolving credit facilities.
Morgan Stanley, J.P. Morgan, Goldman, Sachs & Co. and Wells Fargo Securities are the joint book-running managers for this offering. In addition, Citi, Deutsche Bank Securities, KeyBanc Capital Markets, Scotia Capital and UBS Investment Bank are senior co-managers, and PNC Capital Markets LLC, RBC Capital Markets, RBS, SunTrust Robinson Humphrey and The Williams Capital Group, L.P. are co-managers, for this offering. The underwriters have been granted a 30-day option to purchase up to an additional 5,594,250 common shares to cover over-allotments, if any.
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