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:
      • $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.
The company said that proceeds would be used to redeem certain 2020 bond maturities and borrowings under SPG's revolving credit facilities.

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