Simon Property plans to redeem 1.5% notes ahead of Feb. 1 maturity

New York, Nov. 30 – Simon Property Group, LP intends to redeem its $750 million of 1.5% notes due Feb. 1, 2018 ahead of their maturity, according to a 424B5 filing with the Securities and Exchange Commission.

Funding will come from an offering new notes due 2023 and 2027, a transaction announced on Thursday morning.

The company expects to issue a notice of redemption before the new notes settle.

Remaining proceeds from the new notes will be used for general corporate purposes, including partially restoring cash on hand previously used to fund the redemption at par of all $600 million of Simon’s 2.15% notes due 2017 on June 26, 2017.

Simon Property is an Indianapolis-based real estate investment trust focused on retail properties.

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