Exelon Corporation and Exelon Generation Announce the Results For Their Respective Offers to Purchase

September 23, 2009 - Exelon Corporation and Exelon Generation Announce the Results For Their Respective Offers to Purchase

 

CHICAGO (Sept. 23, 2009) – Exelon Corporation (Exelon) today announced the expiration of its previously announced cash tender offer for any and all of its outstanding $500,000,000 6.75% Senior Notes due May 1, 2011 (Exelon Notes).  The offer expired at 12:00 midnight, New York City time, on September 22, 2009.  According to information provided by the tender agent, D.F. King & Co., Inc., as of the expiration time, the aggregate principal amount of the Exelon Notes validly tendered pursuant to Exelon’s Offer to Purchase was $386,572,000. The settlement date is expected to be September 23, 2009. Additionally, Exelon Generation Company, LLC (Generation) today announced the expiration of its previously announced cash tender offer for any and all of its outstanding $699,975,000 6.95% Senior Notes due June 15, 2011 (Generation Notes).  The offer expired at 12:00 midnight, New York City time, on September 22, 2009.  According to information provided by the tender agent, D.F. King & Co., Inc., as of the expiration time, the aggregate principal amount of the Generation Notes validly tendered pursuant to Generation’s Offer to Purchase was $555,335,000. The settlement date is expected to be September 23, 2009. Holders of Exelon Notes that validly tendered and whose Exelon Notes are accepted for purchase are entitled to receive total consideration of $1,091.06 per $1,000 principal amount of Exelon Notes plus accrued and unpaid interest on notes purchased up to, but not including, the settlement date.  Holders of Generation Notes that validly tendered and whose Generation Notes are accepted for purchase are entitled to receive total consideration of $1,100.57 per $1,000 principal amount of Generation Notes plus accrued and unpaid interest on notes purchased up to, but not including, the settlement date. A total of $113,428,000 in aggregate principal of the Exelon Notes remains outstanding.  A total of $144,640,000 in aggregate principal of the Generation Notes remains outstanding. Pursuant to the terms of the applicable Offer to Purchase, Exelon Notes and Generation Notes not tendered remain outstanding, and the terms and conditions governing the notes, including the covenants and other provisions contained in the indenture applicable to the notes, will remain unchanged.

Developers Diversified Announces Completion of Cash Tender Offers

Developers Diversified Announces Completion of Cash Tender Offers

CLEVELAND, OH, Sep 17, 2009 (MARKETWIRE via COMTEX News Network) -- Developers Diversified Realty (NYSE: DDR) announced today that it has completed the purchase of approximately $250 million aggregate principal amount of its Senior Unsecured Notes through the previously announced cash tender offers that commenced August 13, 2009. The following series of Notes were accepted for an
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