Simon Property Group Announces Completion of $500 Million Sale of Senior Unsecured Notes
INDIANAPOLIS, Mar 18, 2003 /PRNewswire-FirstCall via COMTEX/ -- Simon Property
Group, Inc. (NYSE: SPG) (the "Company") announced today that its partnership
subsidiary, Simon Property Group, L.P., has completed the sale of $500 million
of debt securities. The issue included the following tranches of senior
$300 million of 4.875% Notes due 2010
$200 million of 5.450% Notes due 2013
Including the effect of hedging activities, the all-in effective yield is 4.67%
for the seven-year notes, 5.19% for the ten-year notes and a blended effective
yield of 4.88% for the entire offering. Net proceeds from the offering will be
used to pay down Simon Property Group, L.P.'s unsecured credit facility. The
transaction was priced on March 13, 2003.
All securities in this offering are rated Baa2 by Moody's Investors Service and
BBB (CreditWatch Negative) by Standard & Poor's. The transaction was placed by
Deutsche Bank Securities and UBS Warburg as joint book-running managers. The
notes were sold only to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933.
Simon Property Group, Inc. (NYSE: SPG), headquartered in Indianapolis, Indiana,
is a real estate investment trust engaged in the ownership and management of
income-producing properties, primarily regional malls and community shopping
centers. Through its subsidiary partnerships, it currently owns or has an
interest in 242 properties containing an aggregate of 183 million square feet of
gross leasable area in 36 states, as well as nine assets in Europe and Canada
and ownership interests in other real estate assets. Additional Simon Property
Group information is available at www.simon.com .
SOURCE Simon Property Group, Inc.
Investors, Shelly Doran, +1-317-685-7330, or Media, Les Morris,
+1-317-263-7711, both of Simon Property Group