Developers Diversified Announces Completion of Cash Tender Offers
aggregate consideration of approximately $228 million, excluding accrued interest:
Aggregate Total
Principal Consid-
Outstanding Amount eration
Principal Accepted for Cash Spend per
Notes CUSIP No. Amount(1) Purchase Required(2) Note(3)
----------------- ---------- ------------ ------------ ------------ ------
2010 Notes
5.00% Notes
due 2010 251591AL7 $193,574,000 $42,295,000 $42,448,000 $985
4.625% Notes
due 2010 251591AG8 $259,776,000 $32,142,000 $31,528,000 $975
2011 and 2012 Notes
5.25% Notes
due 2011 251591AK9 $185,169,000 $4,442,000 $4,274,000 $940
5.375% Notes
due 2012 251591AN3 $346,575,000 $123,108,000 $113,591,000 $900
2015 and 2018 Notes
5.50% Notes
due 2015 251591AM5 $200,000,000 $30,329,000 $25,486,000 $820
7.50% Notes
due 2018 25159NAW5 $100,000,000 $17,804,000 $15,572,000 $850
------------ ------------
Total $250,120,000 $232,899,000
(1) Prior to consummation of tender offers.
(2) Includes accrued interest.
(3) Per $1,000 principal amount of Notes accepted for purchase. Clearing
premium per $1,000 principal amount of Notes was $25 for the 2010
Notes, $0 for the 2011 and 2012 Notes and $20 for the 2015 and 2018
Notes. Excludes accrued interest.
The tender offer for the 2015 and 2018 Notes expired at midnight, New York City time, on September 11, 2009. The tender offer for the 2010 Notes and the tender offer for the 2011 and 2012 Notes expired at midnight, New York City time, on September 16, 2009. The aggregate consideration for the Notes accepted in the tender offers, including accrued interest, was approximately $233 million.
David Oakes, Developers Diversified's Senior Executive Vice President of Finance and Chief Investment Officer, commented, "We are pleased with the results of our tender offer, as we continue to opportunistically repurchase our debt at discounts to par, which is one of many leverage reducing initiatives underway."
Goldman, Sachs & Co. acted as the dealer manager for the tender offers.
Developers Diversified as of June 30, 2009 owned and managed approximately 690 retail operating and development properties in 45 states, plus Puerto Rico, Brazil and Canada totaling approximately 151 million square feet. The Company is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and leases shopping centers. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com.
Contact: Kate Deck Investor Relations Director Developers Diversified Realty Main: (216) 755-5500 E-mail: Email
