Simon Property Group, Inc. announced today the closing of its offering of 9 million shares of common stock. The purpose of the offering was to partially meet the needs of index funds to purchase Simon common stock when the company was added to the S&P 500 Index on June 25, 2002.
Net proceeds of approximately $322 million will be used to pay down indebtedness under existing corporate credit facilities. The public offering price was $35.94 per share or $0.06 less than the closing price on June 25, 2002. The shares were sold through Goldman Sachs & Co. and Salomon Smith Barney as joint book-running managers.
Simon Property Group, Inc. , headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership and management of income-producing properties, primarily regional malls and community shopping centers. Through its subsidiary partnerships, it currently owns or has an interest in 251 properties containing an aggregate of 187 million square feet of gross leasable area in 36 states, as well as eight assets in Europe and Canada. Additional Simon Property Group information is available at www.shopsimon.com .
(source: Simon Property Group, Inc.)