DDR Corp. (DDR) said Thursday that it has priced $300 million of 3.375% senior unsecured notes due 2023 in an underwritten public offering.
The notes are being offered to investors at a price of 99.397% with a yield to maturity of 3.447%.
The offering is expected to close on or about May 23.
DDR expects to use a substantial portion of the net proceeds it receives from the offering of the notes 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.
DDR expects to use the remainder of the net proceeds for general corporate purposes, including the repayment of debt.
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