Commercial Real Estate and Simon Property Group and Real Estate Investment Trust and Real Estate & Retail

Mall owner Simon Property Group to sell $1.2 billion in debt

November 10, 2011

Shopping mall giant Simon Property Group Inc. on Thursday said that its majority-owned partnership subsidiary, Simon Property Group LP, plans to sell $1.2 billion of new debt to repay older debt.

The offering consists of $500 million of 2.8-percent notes due 2017 and $700 million of 4.125-percent notes due 2021. The offering is expected to close on Wednesday.

Indianapolis-based Simon Property plans to use the net proceeds from the offering to partially repay the outstanding U.S. dollar balance of its senior unsecured credit facility and for general business purposes.

Citigroup Global Markets, JPMorgan Securities, BofA Merrill Lynch, Deutsche Bank Securities, Goldman Sachs & Co. and Morgan Stanley are acting as joint book-running managers.

Mitsubishi UFJ Securities USA., RBC Capital Markets, SMBC Nikko Capital Markets, SunTrust Robinson Humphrey and U.S. Bancorp are acting as co-managers.

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