DDR Corp. priced a $175 million offering of 6.375% class A cumulative redeemable preferred shares.

The company is selling 7.0 million depositary shares in the offering at $25.00 apiece. Each depositary share represents a 1/20th fractional interest in a share of its newly designated class A preferred stock.

DDR expects the offering to close on or about June 5. It plans to use the net proceeds to repay debt, including its 4.75% notes due 2018, and to support general corporate functions.

Wells Fargo Securities LLC, RBC Capital Markets LLC, Stifel Nicolaus & Co. Inc. and UBS Securities LLC are the joint book-running managers, while Robert W. Baird & Co. Inc. and KeyBanc Capital Markets Inc. are the co-managers.