Developers Diversified To Sell More Shares Than Previously Expected
By Gordon Wilcox
February 09, 2010 11:35 AM
February 09, 2010 11:35 AM
Developers Diversified Realty (NYSE: DDR), the Ohio-based real estate investment trust, has raised the amount of a share offering the company announced on Monday. Developers Diversified will now sell 37.3 million shares at $8.16 per share after previously saying it would sell 36 million shares.
The company plans to use proceeds from the sale to lower its debt load. Underwriters have a 30-day option to purchase an additional 5.4 million shars. Developers Diversified currently has about 196.6 million shares outstanding.
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