DDR to pay down revolving facility borrowings with new note proceeds

By Tali Rackner

Norfolk, Va., Oct. 14 – DDR Corp. plans to repay debt under its $750 million unsecured revolving credit facility with the proceeds from a new note offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of Sept. 30, total borrowings under the facility aggregated $385 million with a weighted average interest rate of 1.2%.

Proceeds will also be used for general corporate purposes, which may include the repayment of secured and unsecured debt from time to time.

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

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