DDR's $200 million of 6½% redeemable preferreds set to trade on NYSE

By Susanna Moon

Chicago, Aug. 3 - DDR Corp.'s depositary shares, each representing one-twentieth of a 6½% class J cumulative redeemable preferred share, were admitted for trading on the New York Stock Exchange under the ticker symbol "DDR PR J."

The company priced $200 million of the perpetual preferreds on July 18 with a price talk originally around 6 5/8%, according to a trader as previously reported by Prospect News.

J.P. Morgan Securities LLC was the bookrunning manager. BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. were the co-managers.

The preferreds (expected Ba1/B/BB-) have a liquidation preference of $500 each. The securities will be issued in the form of $25 depositary shares.

DDR can redeem the shares on or after Aug. 1, 2017 or in the event of a change of control.

Dividends are payable quarterly on the 15th day of January, April, July and October.

Proceeds were slated to redeem the company's 7½% class I cumulative redeemable preferreds. Any remaining funds will be used for general corporate purposes, including a possible partial redemption of the 7 3/8% class H cumulative redeemable preferred stock.

DDR is a Beachwood, Ohio-based real estate investment trust.

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