DDR Corp. (DDR) Commences 15M Common Offering
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DDR Corp. (NYSE: DDR) has commenced a public offering of approximately 15,000,000 common shares on a forward basis. DDR Corp. also expects to grant the underwriters a 30-day option to purchase up to an additional 2,250,000 common shares.
Goldman, Sachs & Co., Citigroup Global Markets Inc., Wells Fargo Securities, LLC and PNC Capital Markets LLC are serving as joint book-running managers for the offering.
In connection with the offering of its common shares, DDR Corp. expects to enter into forward sale agreements with Goldman, Sachs & Co. and Citigroup Global Markets Inc., or their respective affiliates (which are referred to as forward purchasers), with respect to approximately 15,000,000 of its common shares covered by the offering. The forward purchasers are each expected to borrow and sell approximately 7,500,000 common shares of DDR Corp. Pursuant to the terms of the forward sale agreements, and subject to its right to elect cash or net share settlement, DDR Corp. intends to sell, upon physical settlement of such forward sale agreements, an aggregate of 15,000,000 of its common shares to the forward purchasers. If the option is exercised, the number of common shares underlying the forward sale agreements is expected to be increased in respect of the number of common shares that are subject to the exercise of the option.
DDR will not receive any proceeds from the sale of its common shares until settlement of the forward sale agreements, which is expected to occur on or about June 29, 2012.
Goldman, Sachs & Co., Citigroup Global Markets Inc., Wells Fargo Securities, LLC and PNC Capital Markets LLC are serving as joint book-running managers for the offering.
In connection with the offering of its common shares, DDR Corp. expects to enter into forward sale agreements with Goldman, Sachs & Co. and Citigroup Global Markets Inc., or their respective affiliates (which are referred to as forward purchasers), with respect to approximately 15,000,000 of its common shares covered by the offering. The forward purchasers are each expected to borrow and sell approximately 7,500,000 common shares of DDR Corp. Pursuant to the terms of the forward sale agreements, and subject to its right to elect cash or net share settlement, DDR Corp. intends to sell, upon physical settlement of such forward sale agreements, an aggregate of 15,000,000 of its common shares to the forward purchasers. If the option is exercised, the number of common shares underlying the forward sale agreements is expected to be increased in respect of the number of common shares that are subject to the exercise of the option.
DDR will not receive any proceeds from the sale of its common shares until settlement of the forward sale agreements, which is expected to occur on or about June 29, 2012.
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