Simon Property Group (SPG) prices $2 billion bond offering.
Simon Property Group (SPG) announced today that it has priced a three-part offering of senior unsecured notes. The offering includes:
Simon Property is one of the largest REITs in the U.S. with a total market capitalization of approximately $47 billion as of March 31, 2020. The company's portfolio includes interests in 234 regional malls and outlet centers aggregating 191 million square feet, and a 20% interest in Klepierre, a publicly traded European shopping center company.
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- $500 million of 3.50% senior notes due 2025. The notes were issued at 107.396% to yield 1.910%, or +160 to the treasury curve. The current offering represents a reopening of the outstanding $600 million 3.50% 2025 notes first issued in 2015.
- $750 million 2.65% senior notes due 2030. The notes were priced at a discount to yield 2.689%, or +200 to the treasury curve.
- $750 million 3.80% senior notes due 2050. The notes were priced at 99.308% to yield 3.839%, or +240 to the treasury curve.
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Simon Property is one of the largest REITs in the U.S. with a total market capitalization of approximately $47 billion as of March 31, 2020. The company's portfolio includes interests in 234 regional malls and outlet centers aggregating 191 million square feet, and a 20% interest in Klepierre, a publicly traded European shopping center company.
07/06/2020