By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Aug. 9 – Simon Property Group, LP priced $1.25 billion of notes due Jan. 15, 2027 and Jan. 15, 2032, according to a news release Monday.
The company priced $550 million of 1.375% notes due 2027.
Talk on the 2027 tranche was in the Treasuries plus 80 basis points area, a market source noted.
The company priced $700 million of 2.25% notes due 2032.
Talk on the 2032 notes was in the Treasuries plus 120 bps area.
Each series will feature a make-whole call and then a par call three months before the relevant maturity date.
BofA Securities, Inc., Citigroup Global Markets Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC are working as bookrunners for the offering.
Proceeds will be used to fund the planned optional redemption of the company’s 2.35% notes due January 2022, 2.625% notes due June 2022 and 2.75% notes due February. Any remaining proceeds will be used to repay unsecured debt, including under the company’s global commercial paper note program.
The real estate investment trust for retail properties is based in Indianapolis.
| Issuer: | Simon Property Group, LP
|
| Amount: | $1.25 billion
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| Description: | Notes
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., RBC Capital Markets, LLC and TD Securities (USA) LLC
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| Trade date: | Aug. 9
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| Settlement date: | Aug. 18
|
| Distribution: | SEC registered
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|
|
| 2027 notes
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| Amount: | $550 million
|
| Maturity: | Jan. 15, 2027
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| Coupon: | 1.375%
|
| Price guidance: | Treasuries plus 80 bps area
|
| Call features: | Make-whole call, then a par call three months before maturity
|
|
|
| 2032 notes
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| Amount: | $700 million
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| Maturity: | Jan. 15, 2032
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| Coupon: | 2.25%
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| Price guidance: | Treasuries plus 120 bps area
|
| Call features: | Make-whole call, then a par call three months before maturity
|
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