(BofA) – Simon Property Group Pronounces Pricing Of Upsized Frequent Stock Providing
INDIANAPOLIS, Nov. 18, 2020 /PRNewswire/ — Simon Property Group, Inc. (NYSE: SPG) (“Simon” or the “Firm”), an actual property funding belief engaged within the possession of premier purchasing, eating, leisure and mixed-use locations, in the present day introduced that Simon has priced an upsized public providing of 19,250,000 shares of widespread stock at a public providing price of $72.50 per share that’s anticipated to shut November 23, 2020, topic to the satisfaction of customary closing situations. Internet proceeds from the providing, after deducting charges and estimated bills associated to the providing, might be roughly $1.35 billion. The Firm has granted the underwriters an overallotment choice to buy as much as 2,887,500 further shares of widespread stock.
The Firm intends to contribute the online proceeds from the providing to Simon Property Group, L.P. (the “Working Partnership”), which intends to make use of such proceeds to fund the beforehand introduced acquisition of an 80% curiosity in The Taubman Realty Group Restricted Partnership (the “Taubman Acquisition”) partially and for different normal enterprise functions, which may embody, with out limitation, repaying or repurchasing indebtedness, working capital and capital expenditures.
(BofA) Securities and Citigroup are performing as joint book-running managers and representatives of the underwriters for the providing. J.P. Morgan, Mizuho Securities, Scotiabank, SMBC Nikko, SOCIETE GENERALE, BNP PARI(BA)S, TD Securities, Jefferies, Wells Fargo Securities, BTIG, Truist Securities, RBC Capital Markets, Barclays, Deutsche Bank Securities, Raymond James and Santander are additionally performing as joint book-running managers for the providing. BNY Mellon Capital Markets, LLC, Credit score Suisse, Areas Securities LLC, Fifth Third Securities, MUFG, Compass Level Analysis & Buying and selling, Evercore ISI, Piper Sandler, Ramirez & Co., Inc. and Stifel are performing as co-managers for the providing.
The providing is being performed as a public providing beneath the Firm’s efficient shelf registration assertion and a preliminary prospectus complement and accompanying prospectus filed by the Firm with the Securities and Change Fee (“SEC”). Any supply of securities might be made via the prospectus complement and accompanying prospectus. The preliminary prospectus complement and accompanying prospectus associated to the providing have been filed with the SEC and can be found on the SEC’s web site at http://www.sec.gov.
When accessible, copies of the prospectus complement and accompanying prospectus for the providing might be obtained by contacting: (BofA) Securities, NC1-004-03-43, 200 North Faculty Street, third flooring, Charlotte, NC 28255-0001, Attn: Prospectus Division, E mail: [email protected]; or Citigroup, c/o Broadridge Monetary Options, 1155 Lengthy Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).
This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase, nor shall there be any sale of, these securities in any state or different jurisdiction during which such supply, solicitation or sale can be illegal previous to registration or qualification beneath the securities legal guidelines of any such state or different jurisdiction.
Ahead-Trying StatementsSure statements made on this press launch may be deemed “ahead–wanting statements” inside the which means of the Personal Securities Litigation Reform Act of 1995. Though the Firm believes the expectations mirrored in any ahead–wanting statements are based mostly on affordable assumptions, the Firm can provide no assurance that its expectations might be attained, and it’s attainable that the Firm’s precise outcomes may differ materially from these indicated by these ahead–wanting statements because of a wide range of dangers, uncertainties and different components. Such components embody, however usually are not restricted to: uncertainties relating to the influence of the COVID-19 pandemic and governmental restrictions supposed to stop its unfold on our tenants’ companies, monetary situation, outcomes of operations, cash circulate and liquidity and our means to entry the capital markets, fulfill our debt service obligations and make distributions to our stockholders; the lack to gather hire as a result of chapter or insolvency of tenants or in any other case; modifications in financial and market situations that may adversely have an effect on the overall retail surroundings; the intensely aggressive market surroundings within the retail trade; modifications to relevant legal guidelines or laws or the interpretation thereof; dangers related to the acquisition, growth, redevelopment, enlargement, leasing and administration of properties; the lack to lease newly developed properties and renew leases and relet area at present properties on favorable phrases; the potential lack of anchor shops or main tenants; decreases in market rental charges; the influence of our substantial indebtedness on our future operations; any disruption within the monetary markets that may adversely have an effect on our means to entry capital for progress and fulfill our ongoing debt service necessities; any change in our credit standing; modifications in market charges of curiosity and international exchange charges for foreign currency echange; normal dangers associated to actual property investments, together with the illiquidity of actual property investments; safety breaches that might compromise our info expertise or infrastructure; dangers referring to our three way partnership properties; our continued means to keep up our standing as a REIT; modifications in tax legal guidelines or laws that end in adversarial tax penalties; modifications within the value of our investments in international entities; our means to hedge rate of interest and forex threat; modifications in insurance coverage prices; the supply of complete insurance coverage protection; pure disasters; the potential for terrorist actions; environmental liabilities; the lack of key administration personnel; the completion of the Taubman Acquisition and using proceeds from the providing; and the transition of LIBOR to another reference price. The Firm discusses these and different dangers and uncertainties beneath the heading “Threat Elements” in its annual and quarterly periodic studies filed with the SEC. The Firm may replace that dialogue in subsequent different periodic studies, however besides as required by regulation, the Firm undertakes no responsibility or obligation to replace or revise these forward-looking statements, whether or not because of new info, future developments, or in any other case.
About Simon Simon is an actual property funding belief engaged within the possession of premier purchasing, eating, leisure and mixed-use locations and an S&P 100 firm (Simon Property Group, NYSE: SPG). Our properties throughout North America, Europe and Asia present group gathering locations for tens of millions of individuals every single day and generate billions in annual gross sales.
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