BEACHWOOD, Ohio, Nov. 1, 2010 /PRNewswire-FirstCall/ -- Developers
Diversified Realty Corporation (NYSE: DDR) announced today it has
commenced an underwritten public offering to sell $300 million aggregate principal amount of
convertible senior notes due 2040. DDR intends to grant the initial
purchasers a 30-day option to purchase up to an additional
$45 million aggregate principal
amount of such notes to cover over-allotments, if any.
Developers Diversified expects to use the net proceeds from the
offering to reduce balances on its corporate revolving credit
facilities and for general corporate purposes.
J.P. Morgan Securities LLC, Goldman, Sachs & Co., Deutsche
Bank Securities Inc. and UBS Securities LLC are serving as joint
book-running managers.
A preliminary prospectus supplement and accompanying prospectus
relating to this offering will be filed with the Securities and
Exchange Commission. A copy of the preliminary prospectus
supplement and accompanying prospectus relating to this offering
may be obtained from: J.P. Morgan Securities, LLC, Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or at 1-866-803-9204; or
from Goldman, Sachs & Co., Attention Prospectus Department, 200
West Street, New York, New York
10282, or at (212) 902-1171 or toll-free (866) 471-2526 or by
emailing prospectus-ny@ny.email.gs.com; or from Deutsche Bank
Securities Inc., 100 Plaza One, Second Floor, Jersey City, NJ 07311, or at 1-800-503-4611;
or from UBS Securities LLC, Prospectus Department, 299 Park Avenue,
New York, NY 10171 or at
1-888-827-7275.
This release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor will there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale is not permitted. A
registration statement relating to these securities has been filed
with the Securities and Exchange Commission and is effective.
Developers Diversified owns and manages approximately 590 retail
operating and development properties in 41 states, Brazil, Canada and Puerto
Rico. Totaling more than 134 million square feet, Developers
Diversified's shopping center portfolio features open-air,
value-oriented neighborhood and community centers, mixed-use
centers and lifestyle centers located in prime markets with stable
populations and high-growth potential. Developers Diversified is
the largest landlord in Puerto
Rico and owns a premier portfolio of regional malls in and
around Sao Paulo, Brazil.
Developers Diversified is a self-administered and self-managed REIT
operating as a fully integrated real estate company.
Cautionary Note on Forward-Looking Statements
Developers Diversified considers portions of this release 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 with respect to Developers Diversified's expectation
for future periods. Although Developers Diversified 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 our results to differ materially
from those indicated by such forward-looking statements, including,
among other factors, local conditions such as oversupply of space
or a reduction in demand for real estate in the area; competition
from other available space; dependence on rental income from real
property; the loss of, significant downsizing of or bankruptcy of a
major tenant; constructing properties or expansions that produce a
desired yield on investment; Developers Diversified's ability to
sell assets on commercially reasonable terms; Developers
Diversified's ability to secure equity or debt financing on
commercially acceptable terms or at all; our ability to enter into
definitive agreements with regard to our financing and joint
venture arrangements or our failure to satisfy conditions to the
completion of these arrangements; the finalization of the financial
statements for the three-month period ended September 30, 2010; and Developers Diversified's
ability to successfully complete this proposed public offering due
to market conditions or any other reason. For additional factors
that could cause Developers Diversified's results to differ
materially from those indicated in the forward-looking statements,
please refer to Developers Diversified's Annual Report on Form 10-K
for the year ended December 31, 2009.
Developers Diversified undertakes no obligation to publicly revise
these forward-looking statements to reflect events or circumstances
that arise after the date hereof.
SOURCE Developers Diversified Realty Corporation