(BofA) – Simon Property Group Closes Upsized Widespread Stock Providing | State
INDIANAPOLIS, Nov. 23, 2020 /PRNewswire/ — Simon Property Group, Inc. (NYSE: SPG) (“Simon” or the “Firm”), an actual property funding belief engaged within the possession of premier procuring, eating, leisure and mixed-use locations, at this time introduced the closing of its public providing of 22,137,500 shares of widespread stock, which incorporates an upsized base providing of 19,250,000 shares of widespread stock and an extra 2,887,500 shares of widespread stock issued in reference to the underwriters’ train of an overallotment choice. Internet proceeds from the providing, after underwriting reductions and commissions, are roughly $1.56 billion.
The Firm intends to contribute the online proceeds from the providing to Simon Property Group, L.P. 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”) partly 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 acted 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 additionally acted 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 acted as co-managers for the providing.
The providing was performed as a public providing below the Firm’s efficient shelf registration assertion and a preliminary prospectus complement and accompanying prospectus had been filed by the Firm with the Securities and Change Fee (“SEC”). All presents of securities had been made via the prospectus complement and accompanying prospectus. The preliminary prospectus complement and accompanying prospectus associated to the providing can be found on the SEC’s web site at http://www.sec.gov.
Copies of the prospectus complement and accompanying prospectus for the providing can be obtained by contacting: (BofA) Securities, NC1-004-03-43, 200 North Faculty Street, third flooring, Charlotte, NC 28255-0001, Attn: Prospectus Division, Electronic mail: dg.prospectus_requests@bofa.com; 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 wherein such provide, solicitation or sale can be illegal previous to registration or qualification below the securities legal guidelines of any such state or different jurisdiction.
Ahead-Trying Statements
Sure statements made on this press launch may be deemed “ahead–trying statements” throughout the which means of the Non-public Securities Litigation Reform Act of 1995. Though the Firm believes the expectations mirrored in any ahead–trying statements are based mostly on cheap assumptions, the Firm may give no assurance that its expectations will probably be attained, and it’s doable that the Firm’s precise outcomes may differ materially from these indicated by these ahead–trying statements resulting from a wide range of dangers, uncertainties and different elements. Such elements embody, however are usually not restricted to: uncertainties relating to the influence of the COVID-19 pandemic and governmental restrictions meant to stop its unfold on our tenants’ companies, monetary situation, outcomes of operations, cash circulate and liquidity and our capacity to entry the capital markets, fulfill our debt service obligations and make distributions to our stockholders; the shortcoming to gather lease 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 final retail atmosphere; the intensely aggressive market atmosphere within the retail business; modifications to relevant legal guidelines or rules or the interpretation thereof; dangers related to the acquisition, improvement, redevelopment, growth, leasing and administration of properties; the shortcoming to lease newly developed properties and renew leases and relet area at current 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 capacity to entry capital for development 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 exchange; normal dangers associated to actual property investments, together with the illiquidity of actual property investments; safety breaches that would compromise our data expertise or infrastructure; dangers regarding our three way partnership properties; our continued capacity to keep up our standing as a REIT; modifications in tax legal guidelines or rules that lead to antagonistic tax penalties; modifications within the value of our investments in international entities; our capacity to hedge rate of interest and foreign money danger; modifications in insurance coverage prices; the provision 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 the usage of proceeds from the providing; and the transition of LIBOR to an alternate reference charge. The Firm discusses these and different dangers and uncertainties below the heading “Danger Elements” in its annual and quarterly periodic reviews filed with the SEC. The Firm may replace that dialogue in subsequent different periodic reviews, however besides as required by regulation, the Firm undertakes no responsibility or obligation to replace or revise these forward-looking statements, whether or not on account of new data, future developments, or in any other case.
About Simon
Simon is an actual property funding belief engaged within the possession of premier procuring, 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 neighborhood gathering locations for tens of millions of individuals every single day and generate billions in annual gross sales.
