Simon Property Group Announces Amended and Extended $ 3.5 Billion Revolving Credit Facility | Indiana

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INDIANAPOLIS, October 26, 2021 / PRNewswire / – Simon, a global leader in the ownership of premium shopping, dining, entertainment and mixed-use destinations, today announced that it has modified and expanded its $ 3.5 billion senior unsecured multi-currency revolving credit facility. The newly refinanced facility will initially mature on January 31, 2026 and can be extended for an additional year up to January 31, 2027 at the sole discretion of the Company. The facility provides for borrowings denominated in US dollars, euros, yen, pounds sterling, Canadian dollars and Australian dollars.

With this amendment, Simon is leading the transition of the mortgage market to non-LIBOR companies by indexing his revolving credit facilities to SOFR. Based on the Company’s current credit ratings, the interest rate on the new revolver for US dollar borrowings is SOFR plus 72.5 basis points (reduced by 82.5 basis points under the existing facility), plus a spread adjustment to take into account the transition from LIBOR to SOFR. Simon’s existing terms $ 4.0 billion revolving credit facility should comply with the terms of the new refinancing $ 3.5 billion establishment.

“The new refinanced credit facility enhances our already strong financial flexibility and, when combined with our $ 4.0 billion revolver, provides us $ 7.5 billion of the total revolving credit capacity. The closure of this market-leading facility is a continued endorsement and reaffirmation of the strength of our company, ”said David Simon, Chairman of the Board, Chief Executive Officer and President.

The facilities are backed by a globally diverse group of lenders, consisting of 28 banks, led by JPMorgan Chase, BofA Securities, PNC Capital Markets and Wells Fargo Securities, who were lead co-organizers and co-bookkeepers.

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Simon is a global leader in the ownership of premium shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties through North America, Europe and Asia providing community gathering places to millions of people every day and generating billions in annual sales.

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