DDR Announces the Closing of $353 Million in New Long-Term Financings
/PRNewswire/ -- DDR Corp. (NYSE: DDR) announced today that it has closed $353 million of new long-term financings, comprised of a $250 million unsecured term loan ("Term Loan") and a $103 million mortgage loan ("Mortgage Loan"). These financings address the majority of the company's 2012 consolidated debt maturities and improve debt duration, which further reduces the company's risk profile.(Logo: http://photos.prnewswire.com/prnh/20110912/CL65938LOGO )
Proceeds from the Term Loan will be used to retire $184 million of convertible notes maturing in March 2012, reduce the outstanding balances under the Company's revolving credit facilities, and for general corporate purposes. DDR's remaining 2012 consolidated unsecured debt maturities consist of $223 million of unsecured notes that mature in October 2012, and the company has no other unsecured maturities in the next three years. Upon funding of the recently closed transactions, DDR will have nearly full availability on its revolving credit facilities, which have a final maturity in 2016.
Pricing on the Term Loan is set at LIBOR plus a margin that is determined based upon DDR's long-term unsecured debt ratings. The Term Loan consists of a $200 million tranche that initially bears interest at an annual rate of LIBOR plus 210 basis points and matures on January 31, 2019; and a $50 million tranche that initially bears interest at an annual rate of LIBOR plus 170 basis points and matures on January 31, 2017. DDR has entered into interest rate swap contracts which will fix LIBOR on the $200 million tranche. Based on the Company's current credit rating, that will result in a total rate of 3.64% for the $200 million tranche.
Wells Fargo Securities, LLC and PNC Capital Markets, LLC acted as joint lead arrangers for the Term Loan; with Wells Fargo Bank, National Association as Administration Agent and PNC Bank, National Association as Syndication Agent. Capital One served as Documentation Agent. Regions Bank, RBS Citizens, First Tennessee, Goldman Sachs and Citigroup also participated in the Term Loan.
Bad Credit Unsecured Loan Tenants - News
(NYSE: DDR) announced today that it has closed $353 million of new long-term financings, comprised of a $250 million unsecured term loan ("Term Loan") and a $103 million mortgage loan ("Mortgage Loan"). These financings address the majority of the
Thirdly, and very importantly, by utilizing unsecured term loans we have created a well priced and less costly approach than bond financing. Debt that is readily prepayable as we advance our deleveraging plan. And fourth, our secured mortgages payoffs
Debt to EBITDA was 7.7x, and our interest coverage ratio for the quarter was a very healthy 2.67x. we had recent loan activity, including $125 million of 7-year unsecured note at LIBOR plus 220. The proceeds were used to pay down our line of credit.
The bridge gets expensive the longer it stays outstanding, so we very quickly replaced the bridge with a $500 million expansion of our existing unsecured line of credit and a new $500 million delayed draw term loan, both of which are cost-effective,
Bad Credit Loans | Bad Credit Tenant Loans Offer Financial Relief ...
However, there is another, more viable option: tenant loans. These loans which are even given to those with bad credit are unsecured, meaning that no property needs to be put up against the loan. This decreases the risk for borrowers and opens up a new market of customers to lending professionals. It is a win-win situation. Here are the details that you need to determine if bad credit loans for tenants could be the right choice for you.
Bad Credit Loans Work for You
If you have a poor credit history due to defaults on loan payments, CCJs, arrears, or even bankruptcy, the road to rebuilding your credit is a long and hard one. Taking bad credit loans present an excellent opportunity to begin that process. Through the distribution and timely repayment of these loans you will show future lenders that you have reformed your ways and can be trusted for larger sums of money at lower rates of interest.
Adwords Miracle – How To Quit Your Day Job With AdwordsYou are about to learn the $300/day Adwords Secrets that they do not want you to know about…
Learn the True Insider Methods to AdWords – the ones used by the top one percent of users… the ones no-one has ever revealed… until now. Quit your day job – with pocket money.
Read More: Visit Publisher Site
Why Choose a Tenant Loan
There are a number of reasons why someone would chose to take out an unsecured tenant loan. Whether you need to consolidate debt, pay for university, start a new business or repair a car, the money you get from these loans can help. Because you do not need collateral to secure bad credit tenant loans, you are also not required to reveal the purpose for borrowing the money.
What Rates to Expect
The details of bad credit loans available for tenants can vary from lender to lender. However, in general you can expect to borrow anywhere from 200-25,000 depending on income and other factors. The repayment terms for these loans can rage according to the amount from one year to ten years. It is important to note, however, that your credit situation and the fact that these loans are not backed by collateral will negatively affect your interest rates. This is why it is so important to improve your credit for the long term.
Unsecured Loan For Bad Credit – Reliable Solution For Bad Credit Tenants 
Unsecured Loan For Bad Credit – Reliable Solution For Bad Credit Tenants: If you have less than perfect credit s...