March 21, 2010 (FinancialWire) — Developers Diversified Realty Corp. (NYSE: DDR) has priced $300 million of senior unsecured notes in an underwritten public offering.

The offering consists of $300 million of 7.50% notes due April 2017. The notes are being offered to investors at a price of 99.995% with a yield to maturity of 7.50%. Interest on the notes will be paid semi-annually on October 1 and April 1. The offering is scheduled to close on or about March 19.

The net proceeds to the company, after subtracting the underwriting discount and estimated offering expenses, are expected to be around $296.8 million, which the company plans to use to repay debt with shorter-term maturities and to reduce balances on its revolving credit facilities.

Ohio-based Developers Diversified owns and manages around 645 retail operating and development properties in 44 states, Brazil, Canada and Puerto Rico.

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