BEACHWOOD, Ohio, Nov. 17, 2015 /PRNewswire/ -- DDR Corp. (NYSE:
DDR) today announced that it has determined the final conversion
price for its 1.75% Convertible Notes due 2040 (the "notes"). As
previously announced, the notes became convertible on October 6, 2015 when DDR issued its notice of
redemption with respect to the notes (as described below).
The notes became convertible at a conversion price consisting of
cash up to the aggregate principal amount of the notes converted
(the "Base Conversion Price"), and common shares (or cash in lieu
of fractional shares) in respect of the remainder, if any, of DDR's
conversion obligation in excess of the aggregate principal amount
of the notes being converted (the "Premium," and, together with the
Base Conversion Price, the "Conversion Price"). The Premium was to
be calculated by reference to the current applicable conversion
rate (69.2170 common shares per $1,000 principal amount of the notes (the
"Conversion Rate")) and the daily volume-weighted average price per
share of DDR's common shares for each trading day during the period
from October 7, 2015 through the
close of the market on November 17,
2015.
The final Conversion Price per $1,000 principal amount of the notes consists of
the Base Conversion Price and a Premium of 9.0311 common
shares. Holders of the notes have until 5:00 p.m., New York
City time, on November 18,
2015, to elect to convert their notes. DDR expects to pay
the Conversion Price to holders that convert their notes on or
about November 19, 2015.
As previously announced, DDR will redeem, on November 20, 2015, any and all notes that remain
outstanding and that are not converted as described above. The
redemption price will be $1,000 in
cash per $1,000 principal amount of
the notes to be redeemed plus unpaid interest accrued thereon to,
but excluding, such date.
DDR has filed a Tender Offer Statement on Schedule TO with the
Securities and Exchange Commission (the "SEC") and has made
available to holders of the notes, through the Depository Trust
Company, documents specifying the terms, conditions and procedures
for converting their notes. Holders of the notes are encouraged to
read these documents carefully before deciding to convert their
notes because these documents contain important information
regarding these transactions. Holders of the notes and other
interested parties may obtain a free copy of these statements and
other relevant documents at the SEC's website, http://www.sec.gov,
or from DDR's website at www.ddr.com, or from DDR Corp. at
3300 Enterprise Parkway, Beachwood,
Ohio 44122, Attn: Matt
Lougee, Senior Vice President of Finance, telephone (216)
755-5500, or from the Trustee, Paying Agent and Conversion Agent
for the Offer at U.S. Bank National Association, Attn: Corporate
Actions, 111 Fillmore Avenue, St. Paul,
Minnesota 55107-1402.
About DDR Corp.
DDR is an owner and manager of 378
value-oriented shopping centers representing 116 million square
feet in 41 states and Puerto Rico. The Company's portfolio is
comprised primarily of large-format power centers located in top
markets across the United States,
and 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.
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SOURCE DDR Corp.