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Developers Diversified to use offering to pay debt

Developers Diversified Realty Corp., a real estate investment trust, said it plans to use about $300 million from a public offering of senior notes to repay debt.

The shopping center owner said in a release the underwritten public offering of 7.5 percent senior unsecured notes due April 2017 is set to close on April 19.

The company intends to use proceeds of about $296.8 million to repay shorter-term debt and reduce balances on its revolving credit facilities.

Shares rose 47 cents, or 3.9 percent, to close at $12.41.

Developers Diversified operates three locations in Idaho, Meridian Crossroads, Country Club Mall, Idaho Falls, and Nampa Gateway Center, with a total square-feet of nearly 2 million.

Developers Diversified owns and manages approximately 645 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico.


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