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| Simon Property Group Refinances $1.25 Billion Corporate Credit Facility |
| INDIANAPOLIS, Apr 16, 2002 /PRNewswire-FirstCall via COMTEX/ -- Obtains Three Year Initial Maturity Plus One Year Option Simon Property Group, Inc. (NYSE: SPG) today announced that it has closed a three year refinancing of its existing $1.25 billion unsecured corporate credit facility. The facility now matures in April 2005 and contains a one-year extension, at the Company's sole option. The facility's interest rate continues to be LIBOR plus 65 basis points and contains the same financial covenants as SPG's existing facility. The facility also includes a money market competitive bid option program which has been quite successful and allows the Company to hold auctions at lower pricing for short term funds (30, 60, or 90 days) for up to $625 million."There was very strong interest in our facility refinancing with lender commitments from 28 financial institutions aggregating over $1.7 billion," said David Simon, Chief Executive Officer. "We believe that it is a testament to SPG's financial strength and corporate performance that the facility was renewed at existing pricing and for up to four years." For this refinancing, JPMorgan Chase and Bank of America were Joint Arrangers and Joint Book Managers, UBS Warburg was Administrative Agent, SSB Citigroup was Syndication Agent and Commerzbank was Documentation Agent. The Senior Managing Agents included: Dresdner Bank, Fleet National Bank, Hypo Vereinsbank, Deutsche Bank and PNC Bank. In addition to the Lead Agents and the Senior Managing Agents, there were four Managing Agents, five Co-Agents, and nine Co-Lenders. Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a self-administered and self-managed real estate investment trust which, through its subsidiary partnerships, is engaged in the ownership, development, management, leasing, acquisition and expansion of income-producing properties, primarily regional malls and community shopping centers. It currently owns or has an interest in 250 properties containing an aggregate of 186 million square feet of gross leasable area in 36 states and eight assets in Europe and Canada. Together with its affiliated management company, Simon owns or manages approximately 192 million square feet of gross leasable area in retail and mixed-use properties. Shares of Simon Property Group, Inc. are paired with beneficial interests in shares of stock of SPG Realty Consultants, Inc. Additional Simon Property Group information is available at www.shopsimon.com .
SOURCE Simon Property Group, Inc.
CONTACT: URL: http://www.shopsimon.com |