INDIANAPOLIS, Sept. 23, 2024 /PRNewswire/ --
Simon®, a real estate investment trust engaged in the
ownership of premier shopping, dining, entertainment and mixed-use
destinations, announced today that its majority-owned operating
partnership subsidiary, Simon Property Group, L.P. (the "Operating
Partnership"), has agreed to sell $1.0
billion aggregate principal amount of its 4.750% Notes due
2034.
The new issue of senior notes has a term of 10 years and a
coupon rate of 4.750%. The offering is expected to close on
September 26, 2024, subject to
customary closing conditions.
The Operating Partnership intends to use the net proceeds of the
offering for general corporate purposes, including to repay other
unsecured indebtedness.
BNP Paribas, Citigroup, PNC Capital Markets LLC and US
Bancorp 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: BNP Paribas
Securities Corp., 787 Seventh Avenue, New
York, NY 10019, Attention: Debt Syndicate Desk, email:
DL.US.Syndicate.Support@us.bnpparibas.com; Citigroup Global Markets
Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, telephone:
1-800-831-9146 or email: prospectus@citi.com; PNC Capital
Markets LLC, 300 Fifth Avenue, 10th Floor, Pittsburgh, PA 15222 by email at
pnccmprospectus@pnc.com or telephone, toll-free at 855-881-0967; or
U.S. Bancorp Investments, Inc., 214 North Tryon Street, 26th Floor,
Charlotte, North Carolina 28202,
fax: 1-704-335-2393, Attention: Debt Capital Markets.
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 Simon Property
Group, Inc. (the "Company") believes the expectations reflected in
any forward-looking statements are based on reasonable assumptions,
the Company can give no assurance that its expectations will be
attained, and it is possible that the Company's 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 may adversely affect the
general retail environment, including but not limited to those
caused by inflation, recessionary pressures, wars, escalating
geopolitical tensions as a result of the war in Ukraine and the conflicts in the Middle East, and supply chain disruptions; the
inability to renew leases and relet vacant space at existing
properties on favorable terms; the inability to collect rent due to
the bankruptcy or insolvency of tenants or otherwise; the potential
loss of anchor stores or major tenants; an increase in vacant space
at its properties; the potential for violence, civil unrest,
criminal activity or terrorist activities at its properties;
natural disasters; the availability of comprehensive insurance
coverage; the intensely competitive market environment in the
retail industry, including e-commerce; security breaches that could
compromise its information technology or infrastructure; reducing
emissions of greenhouse gases; environmental liabilities; its
international activities subjecting it to risks that are different
from or greater than those associated with its domestic operations,
including changes in foreign exchange rates; its continued ability
to maintain its status as a REIT; changes in tax laws or
regulations that result in adverse tax consequences; risks
associated with the acquisition, development, redevelopment,
expansion, leasing and management of properties; the inability to
lease newly developed properties on favorable terms; the loss of
key management personnel; uncertainties regarding the impact of
pandemics, epidemics or public health crises, and the associated
governmental restrictions on its business, financial condition,
results of operations, cash flow and liquidity; changes in market
rates of interest; the impact of its substantial indebtedness on
its future operations, including covenants in the governing
agreements that impose restrictions on it that may affect its
ability to operate freely; any disruption in the financial markets
that may adversely affect its ability to access capital for growth
and satisfy its ongoing debt service requirements; any change in
its credit rating; risks relating to its joint venture properties,
including guarantees of certain joint venture indebtedness; and
general risks related to real estate investments, including the
illiquidity of real estate investments.
The Company discusses these and other risks and uncertainties
under the heading "Risk Factors" in its annual and quarterly
periodic reports filed with the SEC. The Company may update that
discussion in subsequent other periodic reports, but except as
required by law, the Company undertakes 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 real estate investment trust engaged 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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