February 10, 2010 (FinancialWire) — Developers Diversified Realty Corp. (NYSE: DDR) has priced an offering of 37.295 million of its common shares at a price of $8.16 per share. The offering is scheduled to close on February 12, 2010.

The company plans to use the net proceeds from the offering to repay debt with short-term maturities and reduce balances on the company’s revolving credit facilities.

Morgan Stanley (NYSE: MS), J.P. Morgan (NYSE: JPM), Goldman, Sachs & Co. (NYSE: GS) and Wells Fargo Securities (NYSE: WFC) are the joint book-running managers. The underwriters have been granted a 30-day option to purchase up to an additional 5,594,250 common shares to cover over-allotments, if any.

Ohio-based Developers Diversified owns and manages around 665 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico.

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