Simon Property Group, a real estate investment trust, has announced the amendment, restatement, and extension of its $3.5 billion multi-currency unsecured revolving credit facility. The extension provides the company with $8.5 billion of total revolving credit capacity when combined with its existing $5.0 billion senior unsecured credit facility.
The amended, restated, and extended facility will initially mature on January 31, 2029, and can be extended for an additional year to January 31, 2030 at the Operating Partnership’s sole option. The interest rate for U.S. Dollar borrowings remains unchanged from the prior facility at SOFR plus 82.5 basis points (inclusive of a 10 basis point SOFR spread adjustment). The facilities are supported by a globally diverse lender group composed of 28 banks.
This move enhances Simon Property Group's financial flexibility and is seen as a continued endorsement of the strength of the company. The company's majority-owned operating partnership subsidiary, Simon Property Group, L.P., expressed appreciation for the long-standing support from its lender group.
Simon Property Group is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment, and mixed-use destinations across North America, Europe, and Asia. The company's properties provide community gathering places for millions of people every day and generate billions in annual sales. The market has reacted to these announcements by moving the company's shares -0.7% to a price of $165.93. If you want to know more, read the company's complete 8-K report here.
