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Simon Property Group sells $750 million in senior unsecured notes

INDIANAPOLIS — Simon Property Group LP, the partnership subsidiary of locally based Simon Property Group Inc., has completed the sale of $750 million of 6.375% senior unsecured notes due Nov. 15, 2007.

All securities in this offering are rated Baal by Moody’s Investors Service, a subsidiary of New York-based Moody’s Corp., and BBB by Standard & Poor’s. The net proceeds from the offering initially will be used to reduce the outstanding balance of Simon’s $1.25 billion unsecured credit facility. Ultimately, the company also plans to retire mortgage indebtedness on six wholly owned properties and to retire $250 million of 9% bonds that mature in early 2002.

Priced on Oct. 23, the transaction was underwritten by San Francisco-based Banc of America Securities LLC and New York-based Salomon Smith Barney as joint lead managers. New York-based Credit Suisse First Boston, New York-based J.P. Morgan Chase & Co. and Switzerland-based UBS Warburg were co-managers in the deal.

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