Simon Raises $1B in Debt Offering

INDIANAPOLIS-Simon Property Group Inc. has closed its equity and debt offering to its majority-owned partnership subsidiary Simon Property Group LP. The locally-based firm has sold more than 17 million shares at $31.50 per share, totaling roughly $1.2 billion.

As part of the deal, the underwriters of the debt have exercised their over-allotment option. For the deal, Banc of America Securities LLC, Goldman, Sachs & Co. and JP Morgan Securities Inc. have been tapped as joint book-running managers and Credit Suisse Securities LLC and Greenwich Capital Markets Inc. are acting as co-managers.

Simon, the retail-focused real estate company, plans to use the money to reduce the outstanding unsecured credit facility balance as well as for other company uses.

Throughout the world, Simon owns part or all of 386 properties totaling 263 million square feet of space. It owns property throughout North America, Europe and Asia. Simon is run by David Simon, CEO.