WASHINGTON (dpa-AFX) - Simon Property Group Inc. (SPG) announced that its majority-owned operating partnership subsidiary, Simon Property Group, L.P., has agreed to sell $700.0 million aggregate principal amount of its 4.375% Notes due 2030, and $800.0 million aggregate principal amount of its 5.125% Notes due 2035.
Combined, the two new issues of senior notes have a weighted average term of 7.8 years and a weighted average coupon rate of 4.775%. The offering is expected to close on August 19, 2025.
The Operating Partnership intends to use the net proceeds of the offering to repay all or a portion of its $1.1 billion outstanding principal amount of 3.500% notes due September 2025 at maturity, and to use any remaining net proceeds for general corporate purposes, including to repay other unsecured indebtedness.
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