DDR Corp. (DDR) said Wednesday that it has commenced a public offering of about 32 million common shares on a forward basis.
DDR also expects to grant the underwriters a 30-day option to purchase up to an additional 4.8 million common shares.
Goldman, Sachs & Co., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC and Wells Fargo Securities, LLC are serving as joint book-running managers for the offering.
DDR expects to use the net proceeds it receives from the forward equity sale to fund part of the cash costs in connection with the acquisition of the sole ownership of a portfolio of 30 open-air, value-oriented power centers that are currently owned by a joint venture between affiliates of Blackstone Group L.P. and DDR.
In connection with the offering of its common shares, DDR expects to enter into forward sale agreements with Goldman, Sachs & Co., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC, or their respective affiliates, with respect to about 32 million of its common shares covered by the offering. The forward purchasers are each expected to borrow and sell about 8 million common shares of DDR.
Pursuant to the terms of the forward sale agreements, and subject to its right to elect cash or net share settlement, DDR plans to sell, upon physical settlement of such forward sale agreements, an aggregate of 32 million of its common shares to the forward purchasers. If the option is exercised, the number of common shares underlying the forward sale agreements is expected to be increased in respect of the number of common shares that are subject to the exercise of the option.
Settlement of the forward sale agreements will occur no later than October 31.
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