INDIANAPOLIS, Nov. 30, 2017 /PRNewswire/ -- Simon, a global
leader in premier shopping, dining and entertainment destinations,
announced today that its majority-owned operating partnership
subsidiary, Simon Property Group, L.P. (the "Operating
Partnership"), has agreed to sell $600
million principal amount of its 2.750% senior notes due
June 1, 2023, and $750 million principal amount of its 3.375%
senior notes due December 1,
2027. Combined, the new issues of senior notes have a
weighted average term of 8.0 years and a weighted average coupon
rate of 3.10%. The offering is expected to close on December 11, 2017, subject to customary closing
conditions.
The Operating Partnership intends to use the net proceeds of the
offering to fund the planned optional redemption at par of all
$750 million aggregate principal
amount of its 1.50% notes due February
2018 and for general corporate purposes.
Barclays, Citigroup, RBC Capital Markets and SMBC Nikko 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.
When available, copies of the prospectus supplement and
accompanying prospectus can be obtained by contacting: Barclays
Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, by
calling toll-free 1-888-603-5847 or by emailing
barclaysprospectus@broadridge.com; Citigroup Global Markets Inc.,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, by calling
toll-free at 1-800-831-9146 or by e-mailing prospectus@citi.com;
RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention:
Transaction Management, by calling toll-free 1-866-375-6829 or by
emailing: rbcnyfixedincomeprospectus@rbccm.com; or SMBC Nikko
Securities America, Inc., Attention: Securities Operations, 277
Park Avenue, New York, New York
10172, by calling toll-free 1-888-868-6856 or by emailing
prospectus@smbcnikko-si.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
Forward-Looking Statements
Certain statements made in this press release may be deemed
"forward‑looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Although we believe the
expectations reflected in any forward‑looking statements are based
on reasonable assumptions, we can give no assurance that our
expectations will be attained, and it is possible that our actual
results may differ materially from those indicated by these
forward‑looking statements due to a variety of risks, uncertainties
and other factors. Such factors include, but are not limited to:
changes in economic and market conditions that adversely affect the
general retail environment; the potential loss of anchor stores or
major tenants; the inability to collect rent due to the bankruptcy
or insolvency of tenants or otherwise; decreases in market rental
rates; the intensely competitive market environment in the retail
industry; the inability to lease newly developed properties and
renew leases and relet space at existing properties on favorable
terms; risks related to international activities, including,
without limitation, the impact of the United Kingdom's vote to leave the European
Union; changes to applicable laws or regulations or the
interpretation thereof; risks associated with the acquisition,
development, redevelopment, expansion, leasing and management of
properties; general risks related to real estate investments,
including the illiquidity of real estate investments; the impact of
our substantial indebtedness on our future operations; any
disruption in the financial markets that adversely affects our
ability to access capital for growth and satisfy our ongoing debt
service requirements; any change in our credit rating; changes in
market rates of interest and foreign exchange rates for foreign
currencies; changes in the value of our investments in foreign
entities; our ability to hedge interest rate and currency risk; our
continued ability to maintain our status as a REIT; changes in tax
laws or regulations that result in adverse tax consequences; risks
relating to our joint venture properties; environmental
liabilities; changes in insurance costs and the availability of
comprehensive insurance coverage; security breaches that could
compromise our information technology or infrastructure; natural
disasters; the potential for terrorist activities; and the loss of
key management personnel. We discuss these and other risks and
uncertainties under the heading "Risk Factors" in our annual and
quarterly periodic reports filed with the SEC. We may update
that discussion in our periodic reports, but except as required by
law, we undertake no duty or obligation to update or revise these
forward-looking statements, whether as a result of new information,
future developments, or otherwise.
About Simon
Simon is a global leader in the ownership of premier shopping,
dining, entertainment and mixed-use destinations and an S&P 100
company (Simon Property Group, NYSE: SPG). Our properties across
North America, Europe and Asia provide community gathering places for
millions of people every day and generate billions in annual
sales.
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SOURCE Simon