Simon Property Group plans to offer 10-, 30-year notes

By William Gullotti

Buffalo, N.Y., March 1 – Simon Property Group, LP is expected to sell a two-tranche offering of notes due 2033 and 2053, according to a 424B5 filing with the Securities and Exchange Commission.

Each series will feature a make-whole call followed by a par call. The par call for the notes maturing in 2033 starts three months before the maturity date, with the par call for the 30-year notes starting six months prior to maturity.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Scotia Capital (USA) Inc. are the joint bookrunning managers for the offering.

Bank of New York Mellon Trust Co., NA is the trustee.

Latham & Watkins LLP is advising the issuer. Sidley Austin LLP is working as counsel to the underwriters.

Proceeds will be used to fund the planned optional redemption of the company’s 2.75% notes due June 2023 and the company’s floating-rate notes due January 2024 (with interest reset quarterly at compounded SOFR plus 43 basis points, resulting in interest of 3.94% at Dec. 31, 2022) and to use any remaining net proceeds for general corporate purposes, including to repay other unsecured debt.

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

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