Simon Property Group Sells $1.5 Billion of Senior Notes
INDIANAPOLIS, May 13 /PRNewswire-FirstCall/ -- Simon Property Group, Inc.
(NYSE: SPG) announced today that it has agreed to sell $1.5 billion of senior
notes of its majority-owned partnership subsidiary, Simon Property Group,
L.P., in an underwritten public offering through Banc of America Securities
LLC, Citi Markets & Banking, Deutsche Bank Securities and Goldman, Sachs &
Co., as joint book-running managers, and Daiwa Securities America Inc., ING
Wholesale, Piper Jaffray and Scotia Capital as co-managers. The offering
consists of $700 million of 5.300% notes due 2013 and $800 million of 6.125%
notes due 2018. Each tranche of notes was priced to yield 235 basis points
above its respective Treasury benchmark. The offering is expected to close on
May 19, 2008.
Simon will use the net proceeds from this offering to reduce the
outstanding balance on its corporate credit facility and for general corporate
Copies of the prospectus supplement may be obtained from Banc of America
Securities LLC, Prospectus Department, 100 West 33rd Street, 3rd Floor, New
York, New York 10001; Citi Markets & Banking, Brooklyn Army Terminal, Attn:
Prospectus Delivery Department, 140 58th Street, Brooklyn, NY 11220; Deutsche
Bank Securities, Prospectus Department, 100 Plaza One, Jersey City, New Jersey
07311; and Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004,
Attention: Prospectus Department.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction to any
person to whom it is unlawful to make such offer or solicitation in such
Simon Property Group, Inc. is an S&P 500 company and the largest public
U.S. real estate company. Simon is the general partner of Simon Property
Group, L.P. and operates from five retail real estate platforms: regional
malls, Premium Outlet Centers(R), The Mills(R), community/lifestyle centers
and international properties. It currently owns or has an interest in 382
properties comprising 260 million square feet of gross leasable area in North
America, Europe and Asia. Simon Property Group, Inc. is publicly traded on
the NYSE under the symbol SPG. For further information, visit the Company's
website at www.simon.com.
SOURCE Simon Property Group, Inc.
/CONTACT: Investors, Shelly Doran, +1-317-685-7330, or Media, Les Morris,