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Subsequent Events | 3 Months Ended
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Mar. 31, 2015
Subsequent Events [Abstract] |
Subsequent Events |
15. | Subsequent Events
In April 2015, the Company amended and restated its primary Unsecured Credit Facility with J.P. Morgan Chase Bank, N.A., as administrative agent, and the unsecured PNC Facility provided solely by PNC Bank, National Association. The Unsecured Credit Facility maturity date was extended to June 2019, with two six-month borrower options to extend upon the Company’s request, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level. The amended PNC Facility reduced the commitments to $50 million and modifies certain other terms to conform to the terms of the Unsecured Credit Facility. In April 2015, pricing on both the Unsecured Credit Facility and PNC Facility was reduced and set at LIBOR plus 100 basis points, a decrease of 15 basis points from the previous rate, and is determined based upon DDR's credit ratings from Moody's and S&P. In addition, in April 2015, the Company entered into a $400 million unsecured term loan with Wells Fargo Bank, National Association, as administrative agent, and PNC Bank, National Association, as syndication agent. The unsecured term loan has a maturity date of April 2017, with options upon the Company’s request, provided that new or existing lenders agree to the existing tems of the facility and increase their commitment level, to extend the maturity for up to three additional one-year periods. At April 2015, pricing on the unsecured term loan was set at LIBOR plus 110 basis points and is determined based upon DDR's credit ratings from Moody's and S&P. The unsecured term loan was unfunded at May 1, 2015, but it can be drawn at any time over the twelve months following April 2015. In connection with these refinancings, the Company repaid $100 million of its secured term loan with KeyBank, National Association, as administrative agent, and modified financial covenants and certain other terms to conform to the Unsecured Credit Facility.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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