Simon Property to pay down revolver with some note offering proceeds

By Wendy Van Sickle

Columbus, Ohio, Jan. 8 – Simon Property Group, LP plans to repay a portion of the borrowings outstanding under its $4 billion unsecured revolving credit facility with some proceeds of an offering of two series of senior notes, according to a 424B5 filed with the Securities and Exchange Commission.

The company said it drew on the revolver in December to partially fund the $1.1 billion redemption of its 6.125% notes due 2018 and its 7.375% notes due 2018.

The company also plans to use proceeds of the note offering to retire outstanding mortgage loans on three of its properties, which have an outstanding principal of $374 million, and to redeem its $163.3 million of outstanding 6.1% notes in February.

The real estate investment trust for retail properties is based in Indianapolis.

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