INDIANAPOLIS, Aug. 9, 2021 /PRNewswire/ -- Simon, a global
leader 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:
- $550 million principal amount of
its 1.375% senior notes due 2027, and
- $700 million principal amount of
its 2.250% senior notes due 2032.
Combined, the two new issues of senior notes have a weighted
average term of 8.2 years and a weighted average coupon rate of
1.865%. The offering is expected to close on August 18, 2021, subject to customary closing
conditions.
The Operating Partnership intends to use the net proceeds of the
offering, along with cash on hand, to fund the planned optional
redemption of its 2.350% notes due January
2022, 2.625% notes due June
2022 and 2.750% notes due February
2023 (plus, in each case, the applicable make-whole
amount).
BofA Securities, Citigroup, RBC Capital Markets and TD
Securities 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: BofA
Securities, Inc., 200 North College Street, NC1-004-03-43,
Charlotte, NC 28255-0001, Attn:
Prospectus Department, telephone: 1-800-294-1322 or email:
dg.prospectus_requests@bofa.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; RBC Capital Markets,
LLC, 200 Vesey Street, 8th Floor, New
York, NY 10281, Attn: Transaction Management, telephone:
1-866-375-6829, facsimile: 212-658-6137, or e-mail:
rbcnyfixedincomeprospectus@rbccm.com; or TD Securities
(USA) LLC, 1 Vanderbilt Avenue,
12th Floor, New York, NY 10017,
Attention: DCM Syndicate, telephone: 1-855-495-9846.
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 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: uncertainties regarding the impact
of the COVID-19 pandemic and governmental restrictions intended to
prevent its spread on our business, financial condition, results of
operations, cash flow and liquidity and our ability to access the
capital markets, satisfy our debt service obligations and make
distributions to our stockholders; changes in economic and market
conditions that may 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; the intensely competitive market
environment in the retail industry, including e-commerce; an
increase in vacant space at our properties; the inability to lease
newly developed properties and renew leases and relet space at
existing properties on favorable terms; our international
activities subjecting us to risks that are different from or
greater than those associated with our domestic operations,
including changes in foreign exchange rates; 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, including covenants in the governing agreements that
impose restrictions on us that may affect our ability to operate
freely; any disruption in the financial markets that may adversely
affect 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; the transition of LIBOR to an
alternative reference rate; 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, including guarantees of certain joint venture
indebtedness; environmental liabilities; natural disasters; the
availability of comprehensive insurance coverage; the potential for
terrorist activities; security breaches that could compromise our
information technology or infrastructure; and the loss of key
management personnel. 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 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