Simon Property Group (SPG) prices $1.25 billion bond offering.

Simon Property Group (SPG) announced today that its operating subsidiary has priced a two-part offering of senior unsecured notes.  The offering included:
      • $500 million Floating Rate Notes due 2024 (SOFR+43).
      • $750 million 2.650% senior unsecured notes due 2032 (+102).
The bonds are expected to be rated A3/A- by Moody's and S&P with stable outlooks.  Proceeds will be used to repay borrowings under SPG's credit facility and to repay other indebtedness.

Simon Property Group is the largest owner of regional malls in the U.S. and a major owner of retail properties in Asia and Europe. As of September 30, 2021, the company's portfolio included interests in 233 regional malls and outlet centers aggregating 189 million square feet of GLA. SPG is a member of the S&P 100 index with an enterprise value of approximately $74 billion.