Simon Property reaches $2 billion credit arrangement

Back to TopCommentsE-mailPrintBookmark and Share

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.


Post a comment to this story

We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
You are legally responsible for what you post and your anonymity is not guaranteed.
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ