SPG » Topics » Financing Update

This excerpt taken from the SPG 8-K filed Oct 30, 2009.

Financing Update

        During the third quarter of 2009, the following transactions were completed:

    On July 30th, the Company closed $400 million of mortgage financings for three regional malls.

    On August 11th, the Company's majority-owned partnership subsidiary, Simon Property Group, L.P. ("SPGLP"), issued $500 million aggregate principal amount of 6.75% senior unsecured notes due 2014 in an underwritten public offering. The notes were priced at 105.029% of the principal amount plus accrued interest to yield 5.46% to maturity.

    On August 27th, SPGLP redeemed two issues of preferred units with a total liquidation preference of $40 million. The weighted average rate for the preferreds was 7.95%. The liquidation preference was paid in common units of SPGLP, resulting in the issuance of approximately 645,000 units.

        As of September 30, 2009, the Company had over $4.0 billion of cash on hand, including its share of joint venture cash, and $3.0 billion of available capacity on SPGLP's revolving credit facility.

This excerpt taken from the SPG 8-K filed Aug 4, 2009.

Financing Update

        During the second quarter of 2009, the following transactions were completed:

    On May 12th, the Company completed the sale of 23 million shares of common stock at a public offering price of $50 per share.

    On May 15th, the Company's majority-owned partnership subsidiary, Simon Property Group, L.P. ("SPGLP"), issued $600 million aggregate principal amount of 6.75% senior unsecured notes due 2014 in an underwritten public offering. The notes were priced at 98.960% of the principal amount to yield 7.00% to maturity.

    On June 30th, the Company retired $85 million of SPGLP's 8% cumulative redeemable preferred units, at par value.

    The Company completed two refinancings during the quarter for $230 million, and on July 30, 2009, closed an additional $400 million of mortgage financings for three regional malls.

        As of June 30, 2009, the Company had over $2.9 billion of cash on hand, including its share of joint venture cash, and over $3.0 billion of available capacity on its revolving credit facility.

EXCERPTS ON THIS PAGE:

8-K
Oct 30, 2009
8-K
Aug 4, 2009

"Financing Update" elsewhere:

Kimco Realty (KIM)
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