Markets
ADC

DDR Prices Senior Unsecured Notes Worth $400 Million

Credit: Shutterstock photo

DDR Corp.DDR , the Beachwood, OH-based retail real estate investment trust ("REIT"), recently announced the pricing of $400 million worth senior unsecured notes. This move is expected to lend flexibility to the company's balance sheet position, going forward.

The senior notes, bearing a rate of 4.250%, will be due in 2026. Interest payment on these notes will be made semiannually on Feb 1 and Aug 1 of each year, with the first payment due on Feb 1, 2016. DDR plans to utilize the proceeds generated from the offering to repay debts under its unsecured credit facility as well as meet general corporate needs. The latter may include repayment of secured and unsecured debts from time to time.

Further, the REIT may utilize the proceeds to meet cash obligations related to buyback, redemption or conversion of convertible senior notes due 2040. The offering is likely to close on or around Oct 21, 2015, subject to certain customary conditions.

DDR acquires, owns, develops, redevelops, leases and manages shopping centers, especially in high-growth areas of the U.S. In addition, the company engages in origination and acquisition of loans and debt securities, which are generally collateralized directly or indirectly by shopping centers.

DDR currently carries a Zacks Rank #3 (Hold).

Investors interested in the retail REIT industry may consider stocks like Agree Realty Corp. ADC , American Assets Trust, Inc. AAT and CBL & Associates Properties Inc. CBL . All three stocks hold a Zacks Rank #2 (Buy).

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

DDR CORP (DDR): Free Stock Analysis Report

CBL&ASSOC PPTYS (CBL): Free Stock Analysis Report

AGREE RLTY CORP (ADC): Free Stock Analysis Report

AMER ASSETS TR (AAT): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

ADCAATCBL

Other Topics

Stocks

Latest Markets Videos

Zacks

Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Today, that discovery is still the heart of the Zacks Rank. A wealth of resources for individual investors is available at www.zacks.com.

Learn More