Posted on March - 29 - 2010
Developers Diversified Realty announces pricing of $300 million note offering
Developers Diversified Realty Corp. has announced the pricing of $300 million of senior unsecured notes it’s selling in an underwritten public offering.
The real estate investment trust that specializes in shopping centers said the offering consists of $300 million of 7.50% notes due April 2017. The notes are being offered at a price of 99.995%. Interest on the notes will be paid semiannually on Oct. 1 and April 1.
Developers Diversified said the offering is expected to close on or about March 19.
The REIT said net proceeds from the offering are expected to be $296.8 million, which the company intends to use to repay debt with shorter-term maturities and to reduce balances on its revolving credit facilities.
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