Inland Real EstateCorp. closed its saleto certain funds managed by DRA Advisors LLC in a roughly $2.3 billion deal, includingassumed debt.

As a result of the transaction, which won March 23, the companywill be renamed IRC Retail Centers Inc., according to a March 30 release.

Inland stockholders are entitled to receive $10.60 in cash, withoutinterest and less any applicable withholding taxes, for each share they own. Thepost-merger entity will also exercise its special optional redemption right involvingInland's issued and outstanding 8.125% series A cumulative redeemable preferredshares and 6.95% series B cumulative redeemable preferred shares within 15 daysafter the merger's completion.

The company said its common stock and preferred stock are nolonger listed for trading on the NYSE or any other exchange, and that trading forthe shares halted at market close March 30.

DRA, in conjunction with the merger, received debt financingfrom investment funds managed by an Apollo Global Management LLC affiliate.

Additionally, DRA secured debt financing from Wells Fargo BankNA and Bank of America NA, as the initial lenders. Wells Fargo Bank served as administrativeagent and Bank of America as a syndication agent, while Wells Fargo Securities LLCand Merrill Lynch Pierce Fenner & Smith Inc. served as joint lead arrangersand joint book runners.

BMO Capital Markets Corp. and Silver Portal Capital acted asInland's financial advisers for the merger transaction, with Proskauer Rose LLPserving as its legal counsel. Blank Rome LLP served as DRA's legal counsel.