Developers Diversified launches Dutch auction tenders for up to $200 million of six notes series

By Jennifer Chiou

New York, Aug. 14 - Developers Diversified Realty announced the start of three separate modified Dutch auction tender offers to purchase a total of $200 million of six series of its notes.

The first offer is for up to $70 million of its 5% notes due 2010 and 4.625% notes due 2010.

The second offer covers up to $90 million of its 5.25% notes due 2011 and 5.375% notes due 2012.

The third offer is for up to $40 million of its 5.5% notes due 2015 and 7.5% notes due 2018.

For each $1,000 principal amount, Developers said it will accept bids falling in the range of:

• $960 to $990 for the 5% notes;

• $950 to $980 for the 4.625% notes;

• $940 to $980 for the 5.25% notes;

• $900 to $940 for the 5.375% notes;

• $800 to $840 for the 5.5% notes; and

• $830 to $870 for the 7.5% notes.

All payouts include a $40 early participation payment for those who tender prior to 5 p.m. ET on Aug. 27.

The company said it will also pay accrued interest to the settlement date.

The offers are set to end at midnight ET on Sept. 11.

Goldman, Sachs & Co. is the dealer manager (800 828-3182 or call collect 212 902-5183). Global Bondholder Services Corp. is the information agent and depositary (866 952-2200 or call collect 212 430-3774).

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

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