Simon Property Group Announces Terms of Public Offering of Common Stock
INDIANAPOLIS, May 7 /PRNewswire-FirstCall/ -- Simon Property Group, Inc.
(NYSE: SPG) announced today that it had increased the public offering of
common stock announced yesterday to 20,000,000 shares. The public offering
price is $50.00 per share. Merrill Lynch & Co., J.P. Morgan Securities Inc.
and Morgan Stanley are the joint book-running managers of the offering. The
Company has granted the underwriters a 30-day option to purchase 3,000,000
additional shares of common stock to cover overallotments, if any.
The Company will contribute the net proceeds of the offering to its
majority-owned operating partnership subsidiary, Simon Property Group, L.P.,
which will use the amount contributed for general corporate purposes.
The common stock will be issued pursuant to the Company's shelf
registration statement filed with the Securities and Exchange Commission.
This press release does 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. When available, copies of the
prospectus supplement and accompanying prospectus relating to the offering can
be obtained by contacting: Merrill Lynch & Co., Attention: Prospectus
Department, 4 World Financial Center, New York, New York 10080; J.P. Morgan
Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, New York 11245,
Attention: Prospectus Library, telephone: (718) 242-8002; or Morgan Stanley,
180 Varick Street, New York, New York 10014, Attention: Prospectus Department.
This press release contains forward-looking statements. These
forward-looking statements are subject to certain risks and uncertainties, and
actual results may differ materially from projections. Readers should
carefully review the Company's financial statements and notes thereto, as well
as the risk factors described in its most recent annual and quarterly periodic
reports and other reports filed from time to time with the Securities and
Exchange Commission. These forward-looking statements reflect management's
judgment as of this date, and the Company assumes no obligation to revise or
update them to reflect future events or circumstances.
About Simon Property Group
Simon Property Group, Inc. is an S&P 500 company and the largest public
U.S. real estate company. The Company is a fully integrated real estate
company which 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 386
properties comprising 262 million square feet of gross leasable area in North
America, Europe and Asia. The Company is headquartered in Indianapolis,
Indiana and employs more than 5,000 people worldwide. Simon Property Group,
Inc. is publicly traded on the NYSE under the symbol SPG.
SOURCE Simon Property Group, Inc.
CONTACT: Investors, Shelly Doran, +1-317-685-7330, Media, Les Morris,
+1-317-263-7711, both of Simon Property Group, Inc.