DDR Announces $1.2 Billion Refinancing of Unsecured Revolving Credit and Secured Term Loan Facilities
DDR Corp. (NYSE: DDR) announced today that it has closed the refinancing of its two senior unsecured revolving credit facilities scheduled to mature in February 2016 and its senior secured term loan scheduled to mature in September 2014.
The new $750 million unsecured revolving credit facility, arranged by J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, has an initial maturity of April 2017, a borrower option to extend an additional year, and contains an accordion feature that provides for $1.25 billion of potential total capacity. DDR also refinanced its $65 million unsecured revolving credit facility, provided solely by PNC Bank, National Association, to match the terms of the $750 million unsecured revolving credit facility.
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