INDIANAPOLIS, Nov. 23, 2020 /PRNewswire/ -- Simon Property
Group, Inc. (NYSE: SPG) ("Simon" or the "Company"), a real estate
investment trust engaged in the ownership of premier shopping,
dining, entertainment and mixed-use destinations, today announced
the closing of its public offering of 22,137,500 shares of common
stock, which includes an upsized base offering of 19,250,000 shares
of common stock and an additional 2,887,500 shares of common stock
issued in connection with the underwriters' exercise of an
overallotment option. Net proceeds from the offering, after
underwriting discounts and commissions, are approximately
$1.56 billion.
The Company intends to contribute the net proceeds from the
offering to Simon Property Group, L.P. which intends to use such
proceeds to fund the previously announced acquisition of an 80%
interest in The Taubman Realty Group Limited Partnership (the
"Taubman Acquisition") in part and for other general business
purposes, which may include, without 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 offering.
J.P. Morgan, Mizuho Securities, Scotiabank, SMBC Nikko, SOCIETE
GENERALE, BNP PARIBAS, TD Securities, Jefferies, Wells Fargo
Securities, BTIG, Truist Securities, RBC Capital Markets, Barclays,
Deutsche Bank Securities, Raymond
James and Santander also acted as joint book-running
managers for the offering. BNY Mellon Capital Markets, LLC, Credit
Suisse, Regions Securities LLC, Fifth Third Securities, MUFG,
Compass Point Research & Trading, Evercore ISI, Piper Sandler, Ramirez & Co., Inc. and
Stifel acted as co-managers for the offering.
The offering was conducted as a public offering under the
Company's effective shelf registration statement and a preliminary
prospectus supplement and accompanying prospectus were filed by the
Company with the Securities and Exchange Commission ("SEC").
All offers of securities were made by means of the prospectus
supplement and accompanying prospectus. The preliminary
prospectus supplement and accompanying prospectus related to the
offering are available on the SEC's website at
http://www.sec.gov.
Copies of the prospectus supplement and accompanying prospectus
for the offering can also be obtained by contacting: BofA
Securities, NC1-004-03-43, 200 North College Street, 3rd floor,
Charlotte, NC 28255-0001, Attn:
Prospectus Department, Email: dg.prospectus_requests@bofa.com; or
Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717 (Tel:
800-831-9146).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
Forward-Looking Statements
Certain statements made in
this press release may be deemed "forward–looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Although the Company believes the expectations reflected
in any forward–looking statements are based on reasonable
assumptions, the Company can give no assurance that its
expectations will be attained, and it is possible that the
Company's actual results may differ materially from those indicated
by these forward–looking statements due to a variety of risks,
uncertainties and other factors. Such factors include, but are not
limited to: uncertainties regarding the impact of the COVID-19
pandemic and governmental restrictions intended to prevent its
spread on our tenants' businesses, financial condition, results of
operations, cash flow and liquidity and our ability to access the
capital markets, satisfy our debt service obligations and make
distributions to our stockholders; the inability to collect rent
due to the bankruptcy or insolvency of tenants or otherwise;
changes in economic and market conditions that may adversely affect
the general retail environment; the intensely competitive market
environment in the retail industry; changes to applicable laws or
regulations or the interpretation thereof; risks associated with
the acquisition, development, redevelopment, expansion, leasing and
management of properties; the inability to lease newly developed
properties and renew leases and relet space at existing properties
on favorable terms; the potential loss of anchor stores or major
tenants; decreases in market rental rates; the impact of our
substantial indebtedness on our future operations; any disruption
in the financial markets that may adversely affect our ability to
access capital for growth and satisfy our ongoing debt service
requirements; any change in our credit rating; changes in market
rates of interest and foreign exchange rates for foreign
currencies; general risks related to real estate investments,
including the illiquidity of real estate investments; security
breaches that could compromise our information technology or
infrastructure; risks relating to our joint venture properties; our
continued ability to maintain our status as a REIT; changes in tax
laws or regulations that result in adverse tax consequences;
changes in the value of our investments in foreign entities; our
ability to hedge interest rate and currency risk; changes in
insurance costs; the availability of comprehensive insurance
coverage; natural disasters; the potential for terrorist
activities; environmental liabilities; the loss of key management
personnel; the completion of the Taubman Acquisition and the use of
proceeds from the offering; and the transition of LIBOR to an
alternative reference rate. The Company discusses these and other
risks and uncertainties under the heading "Risk Factors" in its
annual and quarterly periodic reports filed with the SEC. The
Company may update that discussion in subsequent other periodic
reports, but except as required by law, the Company undertakes no
duty or obligation to update or revise these forward-looking
statements, whether as a result of new information, future
developments, or otherwise.
About Simon
Simon is a real estate investment trust engaged in the ownership of
premier shopping, dining, entertainment and mixed-use destinations
and an S&P 100 company (Simon Property Group, NYSE: SPG). Our
properties across North America,
Europe and Asia provide community gathering places for
millions of people every day and generate billions in annual
sales.
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SOURCE Simon