DDR to redeem 7.375% class H preferreds via new class K preferreds

By Toni Weeks

San Luis Obispo, Calif., March 25 - DDR Corp. plans to use proceeds from an offering of preferred stock to pay the redemption price of its 7.375% class H cumulative redeemable preferred shares. The company will also tap into cash on hand for the roughly $205.5 million redemption. The amount includes accrued dividends.

The company is expected to price at least $100 million of class K cumulative redeemable preferred shares, which will be issued as depositary shares each representing a 1/20th interest in a preferred, as reported by Prospect News.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunning managers for the preferreds offering.

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

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