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Simon Property Group Announces Sale of $1.1B in Senior Notes


Simon Property Group is selling off $1.1B worth of senior notes from its partnership subsidiary with $500M and $600M in notes due in 2020 and 2025, respectively. The sale will help boost the nation's largest REIT's "financial flexibility," which includes the redemption of $366.6M for its 5.75% notes due this year. Combined, the notes have a weighted average coupon rate of 3.05%, with a weighted average term of 7.8 years, a Zacks Equity Research report says. As per customary closing conditions, the offer is expected to close on Aug. 17, 2015. Simon Property Group reported a Q2 2015 FFO of $2.63 per share, up from $2.16 last year. [Zacks]