Developers Diversified prices $300 million public offering of senior notes

Developers Diversified to use offering to pay debt

CLEVELAND — Developers Diversified Realty Corp., a real estate investment trust, said Tuesday it plans to use about $300 million from a public offering of senior notes to repay debt.

The shopping center owner said the underwritten public offering of 7.5 percent senior unsecured notes due April 2017 is set to close on March 19.

The company intends to use proceeds of about $296.8 million to repay shorter-term debt and reduce balances on its revolving credit facilities.

Shares rose 47 cents, or 3.9 percent, to close at $12.41.