New Issue: DDR sells $300 million split-rated 3.375% 10-year senior notes at Treasuries plus 158 bps

By Andrea Heisinger

New York, May 16 - DDR Corp. was in Thursday's session with a $300 million sale of 3.375% 10-year senior notes (Baa3/BBB-/BB+) priced at Treasuries plus 158 basis points, a market source said.

Pricing was set at 99.397 to yield 3.447%.

UBS Securities LLC was the active bookrunner. The passives were Jefferies & Co., RBS Securities Inc., U.S. Bancorp Investments Inc. and Scotia Capital (USA) Inc.

Proceeds will be used to pay part of the cash costs in connection with the acquisition of the Blackstone Joint Venture for 30 shopping centers.

The real estate investment trust is based in Beachwood, Ohio.

Issuer:	DDR Corp.
Issue:	Senior notes
Amount:	$300 million
Maturity:	May 15, 2023
Bookrunners:	UBS Securities LLC (active), Jefferies & Co., RBS Securities Inc., U.S. Bancorp Investments Inc., Scotia Capital (USA) Inc. (passive)
Senior co-managers:	BNY Mellon Capital Markets, LLC, Regions Securities LLC
Co-managers:	Huntington Investment Co., Evercore Group LLC, Williams Capital Group LP
Coupon:	3.375%
Price:	99.397
Yield:	3.447%
Spread:	Treasuries plus 158 bps
Call:	Make-whole at Treasuries plus 25 bps to Feb. 15, 2023, par call after
Trade date:	May 16
Settlement date:	May 23
Ratings:	Moody's: Baa3
	Standard & Poor's: BBB-
	Fitch: BB+
Price talk:	160 bps area (revised)

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