BEACHWOOD, Ohio, April 2, 2013 /PRNewswire/ -- DDR
Corp. (NYSE: DDR) today announced that it is calling for redemption
a portion of its 7 3/8% Class H Cumulative Redeemable Preferred
Shares, without par value ("Class H Preferred Shares"), and the
related depositary shares ("Depositary Shares"), each representing
1/20th of one share of the Class H Preferred Shares
(NYSE: DDR-H - CUSIP No.: 25191 82 2). Pursuant to the provisions
of the Articles of Incorporation of DDR, DDR is undertaking actions
to redeem 300,000 of the Class H Preferred Shares, represented by
6,000,000 Depositary Shares, on May 6,
2013.
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The Class H Preferred Shares and respective Depositary Shares
that are redeemed will be redeemed at a redemption price of
$502.2535 per Class H Preferred Share
or $25.1127 per Depositary Share (the
"Redemption Price") (the sum of $500.00 per Class H Preferred Share plus accrued
and unpaid dividends of $2.2535 per
Class H Preferred Share to the redemption date or $25.00 per Depositary Share plus accrued and
unpaid dividends of $0.1127 per
Depositary Share to the redemption date). The Class H
Preferred Shares and respective Depositary Shares eligible for
redemption will be selected on a pro rata basis in accordance with
DDR's Articles of Incorporation and the applicable Deposit
Agreement.
Payment of the Redemption Price shall be made on and after
May 6, 2013, as soon as practicable
after presentation and surrender of receipts evidencing the
Depositary Shares and the Letter of Transmittal by "hand delivery"
or by mail to Computershare Shareowner Services ("Redemption
Agent"), Attn: Corporate Actions Dept., 27th Fl. 480 Washington
Boulevard, Jersey City, NJ,
07310.
On and after the Redemption Date, the Class H Preferred Shares
and respective Depositary Shares that are redeemed shall no longer
be deemed to be outstanding and all rights with respect to such
shares shall forthwith cease and terminate (including, but not
limited to, the right to receive dividends from and after the
redemption date) except only the right of the holders thereof to
receive, out of the funds so deposited in trust, from and after
such date, the Redemption Price, without interest. Following
the Redemption Date, 110,000 Class H Preferred Shares represented
by 2,200,000 Depositary Shares will remain outstanding.
About DDR Corp.
DDR is an owner and manager of 454
value-oriented shopping centers representing 116 million square
feet in 39 states, Puerto Rico and
Brazil. The Company's assets are
concentrated in high barrier-to-entry markets with stable
populations and high growth potential and its portfolio is actively
managed to create long-term shareholder value. DDR is a
self-administered and self-managed REIT operating as a fully
integrated real estate company, and is publicly traded on the New
York Stock Exchange under the ticker symbol DDR. Additional
information about the Company is available at www.ddr.com.
SOURCE DDR Corp.