DDR’s 6.375% cumulative redeemable preferreds admitted to NYSE

By Stephanie N. Rotondo

Seattle, June 6 – DDR Corp.’s $175 million of 6.375% class A cumulative redeemable preferred shares began trading on the New York Stock Exchange on Tuesday, a market source reported.

The trading symbol is “DDRPrA.”

Priced May 30, the deal came tighter than the 6.5% to 6.625% price talk and was increased from an expected $100 million.

Wells Fargo Securities LLC, RBC Capital Markets, Stifel Nicolaus & Co. Inc. and UBS Securities LLC were the joint bookrunners.

The preferreds were issued as depositary shares representing a 1/20th interest.

The preferreds become redeemable on June 5, 2022 or upon a change of control at par plus accrued dividends.

The Beachwood, Ohio-based real estate investment trust will use the proceeds to repay debt – including its 4.75% notes due 2018 – and for general corporate purposes.

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