Simon Property Group offers €500m euro-denominated notes
Simon Property Group, L.P. announced that its indirect subsidiary, Simon Global Development B.V., has agreed to sell €500,000,000 principal amount of 3.650% unsecured notes due 2031. The notes are being offered to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act of 1933. The offering is expected to close on June 15, 2026, and the notes are expected to be admitted to the Luxembourg Stock Exchange.
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Simon Property Group, L.P. announced that its indirect subsidiary, Simon Global Development B.V., has agreed to sell €500,000,000 principal amount of 3.650% unsecured notes due 2031. The notes are being offered to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act of 1933. The notes will be fully and unconditionally guaranteed by Simon Property Group, L.P.
Offering Details
The offering is expected to close on June 15, 2026, subject to customary closing conditions. The notes are expected to be admitted on the Official List of the Luxembourg Stock Exchange and to trading on the Euro MTF Market. Simon Property Group, L.P. currently expects to use the net proceeds from the offering for general corporate purposes.
Key Metrics
| Metric | Details |
|---|---|
| Principal Amount | €500,000,000 |
| Coupon Rate | 3.650% |
| Maturity | 2031 |
| Security | Unsecured |
| Guarantee | Fully and unconditionally guaranteed by Simon Property Group, L.P. |
| Expected Closing Date | June 15, 2026 |
Regulatory Compliance
The notes to be offered have not been registered under the Securities Act or applicable state or other securities laws and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act. In the European Economic Area, the offer is made pursuant to an exemption under Regulation (EU) 2017/1129. In the United Kingdom, the offer is made pursuant to an exception under the Public Offers and Admissions to Trading Regulations 2024.
How will the proceeds from this €500 million offering impact Simon Property Group's leverage ratio and overall debt maturity profile?
What specific general corporate purposes, such as acquisitions or development projects, is Simon prioritizing with these funds?
How does the 3.650% coupon rate compare to Simon's current cost of capital and prevailing market conditions for similar real estate debt?
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