Dillards Capital Trust I CAP SECS 7.5%
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- Dillards Capital Trust I (DDT) operates as a Delaware statutory business trust and wholly-owned subsidiary of Dillard's, Inc., existing solely to issue 7.50% capital securities with a liquidation amount of $25 per security and to invest the net proceeds in a corresponding amount of 7.50% subordinated deferrable interest junior debentures issued by Dillard's, Inc. These capital securities, traded on the New York Stock Exchange under the ticker DDT, entitle holders to cumulative quarterly cash distributions at an annual rate of 7.5% of the liquidation amount, fully and unconditionally guaranteed on a subordinated basis by Dillard's, Inc., with the subordinated debentures maturing on August 1, 2038 (potentially callable earlier after August 1, 2013). The trust holds no other assets or operations beyond these securities and debentures, supporting Dillard's, Inc.'s capital structure as part of its long-term subordinated debt within the retail sector. Dillards Capital Trust I was formed in 1998 and is associated with Dillard's, Inc. headquarters in Little Rock, Arkansas. The trust's capital securities were issued in 1998 as a $200 million offering to provide Dillard's, Inc. with subordinated financing, ranking below senior debt such as the company's secured revolver and unsecured notes in its capital structure. No major changes, including partnerships, funding rounds, acquisitions, new issuances, redemptions, or reorganizations, have been reported for Dillards Capital Trust I in the last 1-2 years; it continues to function per its original prospectus terms with ongoing quarterly distributions and stable trading activity. Recent SEC filings primarily reflect routine insider transactions and reports related to Dillard's, Inc., the sponsor, rather than alterations to the trust's structure or operations. The trust maintains its focus on the department store retail industry through its exclusive investment in Dillard's, Inc. debentures, operating without subsidiaries or independent geographic footprint beyond the parent's U.S.-based activities in 29 states.
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