Simon Property Group Inc.'s operating partnership agreed to sell $600 million of its 2.750% senior notes due June 1, 2023, and $750 million of its 3.375% senior notes due Dec. 1, 2027.
The new issues of senior notes have a weighted average term of 8.0 years and a weighted average coupon rate of 3.10%. The offering is anticipated to close Dec. 11, subject to customary closing conditions.
The operating partnership aims to use the net proceeds of the offerings to finance the planned optional redemption at par of all $750 million of its 1.50% notes due February 2018 and for general business purposes.
Barclays, Citigroup, RBC Capital Markets and SMBC Nikko are acting as joint book-running managers of the offering.
