Developers Diversified repurchased $155.9 million notes in quarter

By Jennifer Chiou

New York, April 22 - Developers Diversified Realty Corp. said in its first-quarter operating results report that it bought back a total of $155.9 million of its senior unsecured notes during that period.

The purchases resulted in a gain of about $4.1 million.

Included in the total repurchase figure is $83.1 million of near-term senior unsecured notes repurchased through a cash tender offer at par in March.

Specifically, the company tendered for its then-outstanding $151.3 million of 5% senior notes due 2010, $176.3 million of 4 5/8% senior notes due 2010 and $179.2 million of 5¼% senior notes due 2011 in the offer that concluded on March 3.

About two weeks later, the company followed up with plans to use notes proceeds to redeem some of its 3.5% convertible senior notes due 2011 and 3% convertible senior notes due 2012 in addition to the remaining outstanding amounts of the three series of notes involved in the tender offer.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.