BRIEF-DDR Corp Says Board Unanimously Approved Plan To Spin Off Portfolio Of 50 Assets [Reuters]
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Source: Reuters
BRIEF-DDR Corp Says Board Unanimously Approved Plan To Spin Off Portfolio Of 50 Assets | Reuters Reuters Staff 1 Min Read Dec 14 (Reuters) - DDR Corp: * DDR CORP - BOARD OF DIRECTORS HAS UNANIMOUSLY APPROVED A PLAN TO SPIN OFF A PORTFOLIO OF 50 ASSETS * DDR CORP - RETAIL VALUE TRUST TO BE SPUN OFF WITH APPROXIMATELY $3 BILLION OF GROSS BOOK VALUE OF ASSETS * DDR - PLANNED SPIN OFF COMPRISES OF 38 CONTINENTAL U.S. ASSETS, PUERTO RICO PORTFOLIO INTO SEPARATE PUBLICLY-TRADED REIT TO BE NAMED RETAIL VALUE TRUST * DDR CORP - RETAIL VALUE TRUST TO BE CAPITALIZED WITH COMMITTED MORTGAGE FINANCING OF $1.35 BILLION EXPECTED TO FUND IN EARLY 2018 * DDR CORP - PROCEEDS FROM MORTGAGE FINANCING ARE EXPECTED TO BE USED TO REPAY DEBT AT DDR * DDR CORP - NEW DDR‘S DIVIDEND WILL BE ADJUSTED TO REFLECT SMALLER SIZE OF COMPANY * DDR - EXPECT 3 OF CO‘S DIRECTORS TO LEAVE CO & JOIN RVT‘S BOARD ON DEAL COMPLETION * DDR CORP - TRANSACTION DOES NOT REQUIRE SHAREHOLDER APPROVAL * DDR CORP - RVT‘S BOARD EXPECT
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