<div id="subtitle">Developers Diversified prices 37.3 million public stock offering at $8.16 per share</div><div><p>Developers Diversified Realty Corp. said Tuesday that it priced a public offering of about 37.3 million shares of its common stock at $8.16 per share.</p><p>The offering's amount is an increase over the 36 million shares the real estate investment trust said late Monday that it planned to offer.</p><p>Developers expects to use the offering's proceeds to pay back debt that is due soon and to lower balances on its revolving credit agreements.</p><p>The company said Monday that it would give the underwriters a 30-day option to buy up to an additional 5.4 million shares to cover any overallotments.</p><p>Developers currently has about 196.6 million shares outstanding, according to Thomson Reuters.</p><p>The offering is expected to close on Friday.</p><p>Shares of Developers Diversified Realty gained 55 cents, or 6.5 percent, to $8.88 in mornintg trading. The stock has traded between $1.38 and $10.66 over the last year.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=68753092&bid=informcom" /></div><div id="copyright"><div>

Copyright 2010  <a href="http://www.ap.org">AP News</a></div></div>