Simon Property Group Sells $2.0 Billion Of Senior Notes

Simon, a real estate investment trust engaged 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:

• $500 million principal amount of its 3.500% senior notes due September 2025 (the “2025 Notes”),
  
  
• $750 million principal amount of its 2.650% senior notes due June 2030, and
  
  
• $750 million principal amount of its 3.800% senior notes due June 2050.

The 2025 Notes will be issued as additional notes under an indenture pursuant to which the Operating Partnership previously issued $600 million principal amount of 3.500% senior notes due September 2025 on August 17, 2015.

Combined, the two new issues of senior notes have a weighted average term of 20 years and a weighted average coupon rate of 3.225%. The offering is expected to close on July 9, 2020, subject to customary closing conditions.

The Operating Partnership intends to use the net proceeds of the offering

• to fund the planned optional redemption at par of its:
  
  
• $500 million aggregate principal amount of 2.500% notes due September 2020 and
  
  
• €375 million aggregate principal amount of 2.375% notes due October 2020; and
  
  
• for general corporate purposes, including to repay unsecured indebtedness, including indebtedness outstanding under its senior unsecured revolving credit facilities and/or its global unsecured commercial paper note program.

BNP Paribas, Jefferies, J.P. Morgan and US Bancorp 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: BNP Paribas, c/o BNP Paribas Securities Corp., 787 Seventh Avenue, New York, New York 10019, or by telephone at 1-800-854-5674 or by email at new.york.syndicate@bnpparibas.com; Jefferies, c/o Jefferies LLC, Investment Grade Debt Capital Markets, 520 Madison Avenue, 3rd Floor, New York, NY 10022 or by calling toll-free 1-877-877-0696 or by emailing DCMProspectuses@jefferies.com; J.P. Morgan c/o J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 1-866-803-9204 or by e-mail at prospectus-eq_fi@jpmchase.com; or US Bancorp, c/o U.S. Bancorp Investments, Inc. at 214 N. Tryon Street, 26th Floor, Charlotte, North Carolina 28202, Attention: Credit Fixed Income or by telephone at 877-558-2607.

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.

About Simon
Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company. Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.