Simon Property to repay $300 million of credit facility borrowings

By Tali Rackner

Minneapolis, Jan. 13 - Simon Property Group, LP plans to use the proceeds from two senior notes offerings to repay $300 million of borrowings under its $4 billion unsecured credit facility, according to a 424B5 filing with the Securities and Exchange Commission.

The borrowings were incurred in January in connection with the company's repayment of the $820 million mortgage on its Sawgrass Mills property.

The facility bears interest at Libor plus 95 basis points and matures on Oct. 30, 2015.

Proceeds will also be used for general corporate purposes.

Simon Property Group is an Indianapolis-based real estate company.

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