DDR To Sell $300M In Bonds

Developers Diversified Realty(DDR)is selling senior unsecured notes worth a total of about $300 million. The bonds, which carry a coupon rate of 4.75%, will mature in April 2018. The offering may close on or about March 7, 2011.

The U.S. retail shopping centers owner and developer plans to use the sale proceeds to repay short-term higher cost mortgage debt and to reduce balances on its revolving credit facilities and secured term loan. The joint book-running managers on the sale areMerrill Lynch, Pierce, Fenner and Smith,JP Morgan SecuritiesandRBC Capital Markets.

Click here for the release fromPR Newswire.