DDR Announces Refinancing of Secured Term Loan and Unsecured Revolving Credit Facilities

Developers Diversified Realty Corporation DDR announced today that it has refinanced its existing $550 million senior secured term loan, scheduled to mature on February 20, 2012, with a new $500 million senior secured term loan arranged by KeyBanc Capital Markets and J.P. Morgan Securities LLC. The new term loan has a 39-month term with an additional 12-month extension option. Pricing on the new term loan is currently set at LIBOR plus 170 basis points and is determined based upon DDR's credit ratings from Moody's and S&P. The term loan bank group consists of 21 institutions, including four new participants. DDR has entered into an interest rate swap contract to fix LIBOR at 1.01% per annum on $100 million of the new term loan through June 2014.