INDIANAPOLIS—Shopping center REIT Simon said Monday afternoon it would sell $1.1 billion of senior notes through its majority-owned operating partnership subsidiary, Simon Property Group LP. The offering, which is expected to close on August 17, encompasses $500 million of 2.50% senior notes due in September 2020 and $600 million of 3.50% senior notes due in September 2025. 

The sale marks the first time in nearly a year that Simon Property has issued senior notes, although it did so more frequently in the years following the capital markets collapse. Last year, it sold a total of $2.5 billion in senior notes, including $1.2 billion in January and another $1.3 billion in September. During 2013, the operating partnership confined this activity to Europe, where it offered €750 million in senior notes in September of that year.

Over a 13-month period between late 2011 and late 2012, Simon Property offered a total of $4.2 billion in senior notes, through offerings in November '11 and March and December '12. The single biggest post-downturn year for senior notes offerings from the partnership was 2010, which began with a $2.25-billion sale that was followed up in August by another for $900 million; the partnership had offered a similar total in three sales throughout 2006.

2009 saw a total of $1.75 billion in senior notes offerings over a five-month period between March and August. May of 2008 saw that year's only senior notes offering, for $1.5 billion, while the company did not make any such offerings in 2007.

Net proceeds from the offerings announced Monday will be used to fund the redemption of all $366.6 million outstanding principal amount of Simon Property Group's 5.75% notes due 2015, and for general corporate purposes.  Citigroup Global Markets Inc., RBC Capital Markets LLC and UBS Securities LLC are serving as joint book-running managers.