DDR to repay bank borrowings with proceeds from offering of new notes

New York, Jan. 12 – DDR Corp. said it plans to pay down its credit facility borrowings using funds raised from the sale of new notes due 2025.

The proceeds will be used to repay outstanding debt under the company’s $350 million term loan. If there are additional proceeds, they will be used to reduce borrowings drawn on DDR’s $750 million revolving credit facility and for general corporate purposes.

The weighted average interest rate for the term loan borrowings was 3.1% as of Dec. 31.

Also as of that date, the company had $29 million outstanding on the revolver with a weighted average interest rate of 2.2%.

DDR is a real estate investment trust that owns and manages shopping centers. It is based in Beachwood, Ohio.

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