Simon, a leading global retail real estate company, announced today that its majority-owned operating partnership subsidiary, Simon Property Group, L.P. (the "Operating Partnership"), has agreed to sell $500 mln (approx. €453 mln) principal amount of its 2.50% senior notes due September 1, 2020, and $600 mln (approx. €544 mln) principal amount of its 3.50% senior notes due September 1, 2025. Combined, the new issues of senior notes have a weighted average term of 7.8 years and a weighted average coupon rate of 3.05%. This offering is expected to close on August 17, 2015, subject to customary closing conditions.
The Operating Partnership intends to use the net proceeds of this offering to fund the redemption of all $366.6 mln (approx. €332.3 mln) outstanding principal amount of its 5.75% notes due 2015, and for general corporate purposes.
Citigroup Global Markets Inc., RBC Capital Markets LLC, and UBS Securities LLC are serving as joint book-running managers of the public offering, which is being conducted under the Operating Partnership's shelf registration statement filed with the Securities and Exchange Commission. Any offer of securities will be made by means of the prospectus supplement and accompanying prospectus.
Source: Simon
