Simon Property Group unit to sell senior notes to refinance $750M of 2026 debt; close expected Sept. 16
Simon Property Group’s majority-owned operating partnership agreed to issue two new series of senior notes with a weighted average term of 7.7 years and a weighted average coupon of 5.450%. The offering is expected to close Sept. 16, 2026; net proceeds are earmarked to repay all or part of $750 million of 3.250% notes due in 2026.
Simon Property Group announced that its majority-owned operating partnership has agreed to sell two new issues of senior notes that together carry a weighted average maturity of 7.7 years and a weighted average coupon of 5.450%. The public offering is being run by J.P. Morgan, Mizuho, PNC Capital Markets and Wells Fargo Securities and is being conducted under the partnership’s shelf registration with the SEC.
The operating partnership said it intends to use the net proceeds to repay all or a portion of the $750 million outstanding principal amount of 3.250% notes maturing in 2026, with any remaining funds for general corporate purposes including repayment of other unsecured indebtedness. The transaction is subject to customary closing conditions and expected to close on Sept. 16, 2026.
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