Simon Property Group Announces $3.5 Billion Revolving Credit Facility

Simon Property Group has announced the amendment, restatement, and extension of its $3.5 billion multi-currency unsecured revolving credit facility.

Rhea-AI Summary

Simon Property Group has announced the amendment, restatement, and extension of its $3.5 billion multi-currency unsecured revolving credit facility. The facility, managed by the company's majority-owned operating partnership subsidiary, will initially mature on January 31, 2029, with an option to extend for an additional year. This enhancement, combined with their existing $5.0 billion senior unsecured credit facility, provides Simon with a total revolving credit capacity of $8.5 billion.

The interest rate for U.S. Dollar borrowings remains unchanged at SOFR plus 82.5 basis points. The facility is supported by a diverse group of 28 banks. Brian McDade, Executive Vice President and CFO, stated that this move strengthens the company's financial flexibility and demonstrates continued endorsement of Simon's strength.

Positive

• Increased total revolving credit capacity to $8.5 billion
• Extension of credit facility maturity to January 31, 2029, with option for additional year
• Maintained favorable interest rate for U.S. Dollar borrowings
• Support from a diverse group of 28 banks

Negative

• None.

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INDIANAPOLIS, Sept. 19, 2024  /PRNewswire/ -- Simon^®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, announced today that its majority-owned operating partnership subsidiary, Simon Property Group, L.P. (the "Operating Partnership"), has amended, restated and extended its $3.5 billion multi-currency unsecured revolving credit facility.

"The closing of this facility is a continued endorsement of the strength of our Company. The amended, restated and extended $3.5 billion credit facility enhances our already strong financial flexibility, and when combined with our existing $5.0 billion senior unsecured credit facility provides us with $8.5 billion of total revolving credit capacity. We appreciate the long-standing support from our lender group," said Brian McDade, Executive Vice President and Chief Financial Officer.

The amended, restated and extended facility will initially mature on January 31, 2029 and can be extended for an additional year to January 31, 2030 at the Operating Partnership's sole option. Based upon the Operating Partnership's current credit ratings, the interest rate for U.S. Dollar borrowings is unchanged from the prior facility at SOFR plus 82.5 basis points (inclusive of a 10 basis point SOFR spread adjustment). The facilities are supported by a globally diverse lender group composed of 28 banks.

About Simon
Simon^® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

 

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SOURCE Simon

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the new total revolving credit capacity for Simon Property Group (SPG)?

Simon Property Group (SPG) now has a total revolving credit capacity of $8.5 billion, combining the amended $3.5 billion facility with their existing $5.0 billion senior unsecured credit facility.

When does Simon Property Group's (SPG) new revolving credit facility mature?

The new revolving credit facility for Simon Property Group (SPG) will initially mature on January 31, 2029, with an option to extend for an additional year to January 31, 2030.

What is the interest rate for U.S. Dollar borrowings under Simon Property Group's (SPG) new credit facility?

The interest rate for U.S. Dollar borrowings under Simon Property Group's (SPG) new credit facility remains unchanged at SOFR plus 82.5 basis points (inclusive of a 10 basis point SOFR spread adjustment).

How many banks support Simon Property Group's (SPG) new revolving credit facility?

Simon Property Group's (SPG) new revolving credit facility is supported by a globally diverse lender group composed of 28 banks.