DDR to repay debt under $750 million revolver with note proceeds

By Angela McDaniels

Tacoma, Wash., May 23 – DDR Corp. plans to repay debt under its $750 million unsecured revolving credit facility, according to a 424B5 filing with the Securities and Exchange Commission.

As of May 17, total borrowings under the revolver aggregated $350 million with a weighted average interest rate of 2%.

The company will use the proceeds of an offering of notes to fund the repayment.

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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