Developers Diversified Announces Closing of $400 Million Secured Debt Financing
09 October 2009 - 7:01AM
Business Wire
Developers Diversified Realty Corporation (NYSE: DDR) announced
today that it has obtained new first mortgage financing from
Goldman Sachs Commercial Mortgage Capital, L.P., an affiliate of
Goldman, Sachs & Co. The $400 million, five-year loan is
secured by a portfolio of 28 stabilized shopping centers. The
Company and Goldman Sachs are continuing to work with the Federal
Reserve to make the newly-originated loan eligible for the Term
Asset-Backed Securities Loan Facility (or TALF program).
Proceeds from the financing will be used to repay existing debt
on certain properties in the portfolio, to repay other first
mortgage debt with near-term maturities and to reduce amounts
outstanding on the Company’s revolving credit facilities.
David Oakes, Senior Executive Vice President of Finance and
Chief Investment Officer, commented, “We are pleased to announce
continued progress raising long-term capital to retire short-term
debt, and we look forward to announcing additional progress in the
coming months.”
Developers Diversified Realty Corporation considers portions of
this information to be forward looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, both as amended, with
respect to the Company's expectation for future periods. Although
the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
it can give no assurance that its expectations will be achieved.
For this purpose, any statements contained herein that are not
historical fact may be deemed to be forward-looking statements.
There are a number of important factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements, including, among other factors, that
the loan will be eligible for the TALF program. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
Developers Diversified Realty Corporation, as of June 30, 2009,
owns and manages approximately 690 retail operating and development
properties in 45 states, plus Puerto Rico, Brazil and Canada,
totaling approximately 151 million square feet. Developers
Diversified Realty Corporation is a self-administered and
self-managed REIT operating as a fully integrated real estate
company that acquires, develops, leases and manages shopping
centers. Additional information about Developers Diversified is
available on the Internet at www.ddr.com.
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