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Simon Property closes new $5 billion revolver that matures in 2027
By Wendy Van Sickle
Columbus, Ohio, March 14 – Simon Property Group, Inc. closed a new $5 billion unsecured multi-currency revolving credit facility, which replaces its existing $4 billion unsecured revolver, according to a news release.
The revolver will initially mature on June 30, 2027 and can be extended for an additional year at the company’s option.
Based upon Simon’s current credit ratings, the interest rate on the new revolver for U.S. dollar borrowings is SOFR plus 82.5 basis points, inclusive of a 10 bps SOFR spread adjustment, which is the same as under the previous facility.
The company continues to have an additional existing $3.5 billion unsecured revolver.
The facilities are led by JPMorgan Chase, BofA Securities, PNC Capital Markets, Wells Fargo Securities and Mizuho Bank, who were joint lead arrangers and bookrunners.
The real estate investment trust for retail properties is based in Indianapolis.
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