Borrowing Capacity of Facility Increased to $3.5 Billion
INDIANAPOLIS , Oct. 4 /PRNewswire-FirstCall/ — Simon Property Group, Inc. (the “Company”) (NYSE: SPG) today announced that it has successfully implemented the $500 million accordion feature in its existing unsecured corporate credit facility, thereby increasing the Company’s revolving borrowing capacity from $3.0 billion to $3.5 billion . The expanded credit facility includes a larger $875 million multi-currency tranche for Euro, Yen and Sterling borrowings. The facility will mature in January 2010 and contains a one-year extension at the Company’s sole option. The base interest rate on the Company’s facility is currently LIBOR plus 37.5 basis points.
“There was strong interest in the $500 million facility increase, with lender commitments received from 26 institutions aggregating over $1.1 billion ” said David Simon , Chief Executive Officer. “We believe that this facility expansion further enhances our financial flexibility and are pleased with the magnitude of lenders participating in the accordion – 48 institutions are now included in our corporate revolver.
About Simon Property Group
Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers(R), The Mills(R), community/lifestyle centers and international properties. It currently owns or has an interest in 379 properties comprising 258 million square feet of gross leasable area in North America , Europe and Asia. The Company is headquartered in Indianapolis , Indiana and employs more than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG. For further information, visit the Company’s website at www.simon.com .
SOURCE Simon Property Group, Inc.
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