Indianapolis-based Simon Property Group Inc., the country's largest shopping mall operator, has a new $2 billion unsecured revolving line of credit.
The world's biggest real estate company said Friday that the new credit facility will complement an existing $4 billion revolving credit agreement.
The $2 billion facility is set to mature on June 30, 2016, but Simon has the option to extend it by one year. The Indianapolis company also has the ability to increase the facility to $2.5 billion during its term.
The arrangement allows for borrowings in U.S. dollars, the euro, yen, sterling, Canadian dollars and Australian dollars.
JPMorgan and Bank of America Merrill Lynch were joint lead arrangers and joint bookrunners; Citibank, Royal Bank of Scotland and Sumitomo Mitsui Banking Corp. were joint lead arrangers and co-syndication agents.
Last month, Simon said in a regulatory filing that its shareholders overwhelmingly rejected a plan to boost its CEO David Simon's pay over an eight-year period. The vote was not binding, and Simon appeared unlikely at the time to revise its arrangement.
Simon owns or has an interest in 337 retail real estate properties in North America and Asia.
Simon shares were down by $2.11, or 1.4 percent, each Friday morning, to $145.55. They hit a 52-week high of $158.60 per share a month ago. They had traded as low as $99.60 in August 2011.