Simon Property to redeem 5.65% notes using proceeds of new deal

New York, May 22 – Simon Property Group, Inc. said subsidiary Simon Property Group, LP plans to redeem all $1.25 billion of its 5.65% notes due 2020 using proceeds of an offering of new notes in two tranches.

The 5.65% notes will be redeemed using the make-whole call provision, according to a 424B5 filing with the Securities and Exchange Commission.

A notice of redemption will be issued before the new notes close, the company said.

Any additional proceeds will be used for general corporate purposes.

Simon Property is an Indianapolis-based manager of real estate, primarily malls.

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