DDR Corp. (DDR), a real estate investment trust (REIT), recently priced an underwritten public offering of unsecured senior notes worth $300 million at 99.397%, with a yield to maturity of 3.447%. The notes, scheduled to mature in 2023, bear an interest rate of 3.375%, which is payable semi-annually on May 15 and November 15. The offering is projected to close by May 23, subject to customary closing conditions. DDR intends to utilize a major share of net proceeds from the notes offering to finance part of the cash expenses associated with the recently inked acquisition deal. Notably, on May 15, DDR agreed to buy 30 of 44 shopping centers from its existing joint venture with The Blackstone Group L.P. (BX) for $1.46 billion. In addition, the company plans to use the […]
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