Simon Property Group, Inc. announced today that as a result of the decision by Standard and PoorÂ's Corporation to include SimonÂ's common stock in the S&P 500 Index, it intends to issue up to 9 million shares of its common stock.
The purpose of the offering is to partially meet the anticipated needs of index funds to purchase Simon common stock when the Company is added to the S&P 500 Index at the close of business today.
Proceeds from the stock to be issued by Simon will be used to pay down indebtedness under existing corporate credit facilities. The shares will be sold through Goldman Sachs & Co. and Salomon Smith Barney as agents under an existing shelf registration statement.
For more information please visit www.simon.com.
(source: Simon Property Group, Inc.)