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Simon exercises $750M accordion feature on $2.75B credit facility

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Simon exercises $750M accordion feature on $2.75B credit facility

Simon Property GroupInc. exercised the $750 million accordion feature on its $2.75 billionunsecured multicurrency supplemental revolving credit facility, increasing the facility'sborrowing capacity to $3.5 billion.

The Indiana-based regional mall giant said in an April 6 statementthat the terms of the facility have also been amended to permit the company to furtherraise the facility to $4.25 billion during its term. The term will initially matureJune 30, 2019, and can be extended for an additional year to June 30, 2020, at thecompany's sole discretion.

Based on Simon Property's current long-term unsecured creditratings, the interest rate on the new supplemental facility is at LIBOR plus 80basis points.

"This action further enhances our already strong financialflexibility and provides greater liquidity to help support our growth," saidDavid Simon, the company's CEO and chairman, in a statement.

Simon added that the increased supplemental facility, combinedwith the company's existing $4.0 billion facility, provides it with $7.5 billionof total revolving credit capacity.

The company noted that 26 lenders participated in the $750 millionaccordion feature.