Simon Property Group prices $800M in senior notes to refinance debt

Simon Property Group (NYSE: SPG) announced that its operating partnership subsidiary, Simon Property Group, L.P., has agreed to sell $800 million in senior notes in two tranches, according to a press release.

The offering consists of $400 million in 5.250% notes due 2032 and $400 million in 5.650% notes due 2036. The two tranches carry a weighted average term of 7.7 years and a weighted average coupon rate of 5.450%.

The offering is expected to close on September 16, 2026, subject to customary closing conditions.

The operating partnership intends to use the net proceeds primarily to repay all or a portion of its $750 million outstanding principal amount of 3.250% notes due 2026. Any remaining proceeds will be used for general corporate purposes, including repayment of other unsecured debt.

J.P. Morgan, Mizuho, PNC Capital Markets LLC, and Wells Fargo Securities are serving as joint book-running managers for the offering, which is being conducted under a shelf registration statement filed with the Securities and Exchange Commission.

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