Simon Property, subsidiary call 6% convertible preferred shares, units

By Susanna Moon

Chicago, March 17 - Simon Property Group, Inc. said it will redeem all of the outstanding shares of its 6% series I convertible preferred stock on April 16.

Simon said the preferreds are being redeemed because the company's shares traded above 130% of the conversion price for 20 trading days within a period of 30 consecutive trading days.

Separately, Simon Property Group, LP, the operating partnership subsidiary of Simon Property Group, Inc., plans to redeem all of its outstanding 6% series I convertible preferred units of partnership interest on April 16, according to a company press release.

Simon Property said the redemption price is equal to the liquidation value per share plus accumulated dividends through the redemption date, or $50.4917 per share.

Holders may convert the shares by 5 p.m. ET on April 14 into 0.847495 common shares.

The company's stock (NYSE: SPG) closed at $85.65 on March 17.

The notice of redemption is being mailed to record holders of the preferreds as of March 19.

Mellon Shareowner Services (800 957-3110) is the conversion and redemption agent.

Simon is a real estate company based in Indianapolis.

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