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DDR wraps up cash tender offers for notes due 2021, other debt securities

Shopping center landlord DDR Corp. wrapped up its oversubscribed cash tender offers for up to $600.0 million of certain of its debt securities and its 3.500% notes due 2021.

As of 5 p.m. ET on the Feb. 12 early tender deadline, the company said it accepted and purchased roughly $60.0 million of its 7.50% notes due 2018; about $212.8 million of its 3.375% notes due 2023; some $284.4 million of its 3.900% notes due 2024; and approximately $42.9 million of its 3.625% notes due 2025. It did not accept for purchase any of its 4.625% notes due 2022, 4.250% notes due 2026 and 4.700% notes due 2027.

Total consideration paid to holders of the notes validly tendered in the offers after the early tender deadline, but at or before the expiration time of 11:59 p.m. ET on Feb. 27, was $1,026.73 minus the early tender premium of $30.00 per $1,000 principal amount of the notes, plus accrued but unpaid interest.

With respect to the company's 3.500% notes due 2021, the tender offer consideration per $1,000 principal amount of the notes was $996.73. The additional principal amount tendered after the early tender deadline, but at or before the expiration time, was $16,000. As of the expiration time, the principal amount of the 2021 notes outstanding was about $43.5 million.

On Feb. 26, DDR said it will redeem the outstanding notes due 2021 on March 1 at a redemption price equal to the sum of the present values of the remaining scheduled payments of principal and applicable interest.

J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the dealer managers for the tender offers and solicitation agents for the consent solicitation. D.F. King & Co. Inc. was the tender agent and information agent.