Simon Property to redeem $1.65 billion of senior notes

Chicago, Aug. 10 – Simon Property Group, LP announced the upcoming redemption of three series of notes in a press release on Tuesday.

Simon plans to redeem all $550 million outstanding of the 2.35% notes due January 2022 (Cusip: 828807DA2), all $600 million outstanding of the 2.625% notes due June 2022 (Cusip: 828807DB0) and all $500 million outstanding of the 2.75% notes due February 2023 (Cusip: 828807CN5).

The notes due 2022 will be redeemed on Aug. 25. The 2023 notes will be redeemed on Sept. 9.

The redemption prices will be calculated with a make-whole premium, plus interest to the respective redemption dates.

In connection with the redemptions, Simon expects to have a one-time charge of approximately $29 million recorded to net income and funds from operations in the third quarter.

Bank of New York Mellon Trust Co., NA is the trustee and paying agent (800 254-2826). The trustee is mailing a notice of redemption to all registered holders of the notes.

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

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