Tuesday May 13, 02:04 PM
Simon Property Group sells $1.5 billion of senior notes
NEW YORK (Thomson Financial) - Simon Property Group Inc. Tuesday said it has agreed to sell $1.5 billion of senior notes of its majority-owned partnership subsidiary Simon Property Group L.P.
The offering comprises $700 million
of 5.3% notes due 2013 and $800 million of 6.125% notes due 2018.
Banc of America Securities, Citi Markets & Banking, Deutsche Bank (Frankfurt: DB9999 - news) and Goldman Sachs (NYSE: GS - news) are acting as joint book-running managers.
The offering is expected to close on May 19, and Simon said it will use the proceeds to reduce the outstanding balance on its corporate credit facility and for general corporate purposes.
Simon shares closed at $101.31 Monday.
Christie Rizk
cr/vj
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