UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Emerging growth company
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Item 8.01. | Other Events. |
On February 19, 2020, SITE Centers Corp. (the “Company”) completed the sale of its interest in the DDRTC joint venture to its partner, an affiliate of TIAA-CREF, which resulted in net proceeds to the Company of approximately $143 million prior to any working capital adjustments. The Company intends to use the proceeds from the sale of its interest in the DDRTC joint venture, together with borrowings under its unsecured revolving credit facility, to fund the Redemption Price (as defined below).
The Company has provided notice of its intent to redeem all $200,000,000 aggregate principal amount outstanding of its 4.625% Notes due 2022 (CUSIP No.: 23317H AA0) (the “Notes”) pursuant to the provisions of the Notes and the indenture governing the Notes (the “Indenture”) on March 23, 2020 (the “Redemption Date”).
The Notes will be redeemed at a redemption price equal to the sum of the present values of the remaining scheduled payments of principal and interest through the maturity date (not including the portion of any payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Indenture) plus 50 basis points (the “Redemption Price”), plus the amount of accrued and unpaid interest on the outstanding aggregate principal amount of the Notes to (but not including) the Redemption Date.
The foregoing does not constitute a notice of redemption of any of the Notes.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SITE CENTERS CORP. | ||
By: |
/s/ Christa A. Vesy | |
Name: |
Christa A. Vesy | |
Title: |
Executive Vice President and Chief Accounting Officer |
Date: February 21, 2020