Simon Property sells USD 2bn of senior notes in public offering.
Global Banking News-July 10, 2020-Simon Property sells USD 2bn of senior notes in public offering
(C)2020 ENPublishing - http://www.enpublishing.co.uk
Simon, an Indiana-based real estate investment trust, has announced Simon Property Group, L.P., Simon's majority-owned operating partnership subsidiary, has agreed to sell USD 2bn in senior notes, the company said.
The notes include:
USD 500 million principal amount of its 3.500% senior notes due September 2025
USD 750 million principal amount of its 2.650% senior notes due June 2030
USD 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 USD 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...
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