Developers Diversified buys back $142.5 million notes at less than par

By Susanna Moon

Chicago, Feb. 18 - Developers Diversified Realty Corp. said it purchased about $142.5 million principal amount of its outstanding senior unsecured notes at a discount in the fourth quarter of 2009.

The company said the notes were mostly convertible unsecured notes.

The buyback resulted in a gross gain of $7.9 million before the write-off of unamortized deferred financing costs, according to the company's earnings release for the fourth quarter and year ended Dec. 31.

Developers said the gain was reduced by about $3.9 million due to the adoption of an accounting standard for convertible debt that may be settled in cash upon conversion on Jan. 1, 2009.

Cleveland-based Developers Diversified owns and manages roughly 690 retail operating and development properties.

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