{"id":1004400419,"date":"2020-03-17T05:25:39","date_gmt":"2020-03-17T13:25:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004400419"},"modified":"2021-05-15T06:42:04","modified_gmt":"2021-05-15T14:42:04","slug":"simon-property-boosts-credit-revolver-to-6b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/simon-property-boosts-credit-revolver-to-6b\/","title":{"rendered":"Simon Property Boosts Credit Revolver to $6B"},"content":{"rendered":"
\"\"<\/a>

Image via Pixabay<\/em><\/p><\/div>\n

Shopping mall powerhouse Simon Property Group has amended and extended its existing $4 billion senior unsecured multi-currency revolving credit facility<\/a> by 50 percent in dollar value. The new $6 billion senior unsecured credit facility consists of a $4 billion revolving credit facility and a $2 billion delayed-draw term loan facility.<\/p>\n

\n

READ ALSO<\/strong>: Simon\u2019s $3.6B Taubman Buy a Positive Sign for Class A Malls<\/a><\/p>\n

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The revolver provides for borrowings denominated in U.S. dollars, euros, yen, sterling, Canadian dollars and Australian dollars. The facilities\u2019 aggregate amount may be increased in the form of additional revolving commitments and\/or additional term loans up to $7 billion.<\/p>\n

The revolving facility will mature on June 30, 2024, and the term facility will mature on June 30, 2022. Each maturity date may be extended for up to one year. Based on Simon\u2019s current credit ratings, the interest rate under the amended revolving facility has been reduced to LIBOR plus 70 basis points, from LIBOR plus 77.5 basis points.<\/p>\n

In a prepared statement, Simon\u2019s Chairman, CEO & President, David Simon, noted that the new credit facility is on top of an existing $3.5 billion senior unsecured credit facility giving the company $9.5 billion of total credit capacity.<\/p>\n

JPMorgan Chase Bank and BofA Securities were the facility\u2019s joint lead arrangers and joint bookrunners. BNP Paribas, Citibank, Mizuho Bank, PNC, Soci\u00e9t\u00e9 Generale, Sumitomo Mitsui Banking Corp., U.S. Bank and Wells Fargo were joint lead arrangers and co-syndication agents, and Bank of America was syndication agent.<\/p>\n

Bank of Nova Scotia, Barclays, Deutsche Bank, Goldman Sachs, The Royal Bank of Canada, TD Bank and Truist Bank were co-documentation agents; and Compass Bank and Banco Santander were senior managing agents. There were in addition four managing agents and co-lenders in the facility.<\/p>\n

Good news and bad news<\/h2>\n

Even though it\u2019s only March, this has been a year of big news about Simon. The REIT is, of course, moving toward closing its $3.6 billion purchase of an 80 percent interest in Taubman<\/a>. Soon after, Simon and partners moved to buy the troubled Forever 21 retail chain. And barely two weeks ago, Simon broke ground on Tulsa Premium Outlets<\/a>, a 340,000-square-foot outlet center in Jenks, Okla.<\/p>\n

The coronavirus pandemic was already starting to affect the retail sector as of the beginning of March, according to a March 4th report from JLL. The report notes: \u201cRetailers with recent quarterly calls have braced investors for diminished returns in Q1 and potentially Q2 depending on the outbreak severity. We can expect to see some retailers struggle to replenish inventory in the coming weeks to months<\/em>.\u201d<\/p>\n

The most vulnerable industries, JLL predicts, are likely to be \u201cautomotive, pharmaceutical, textiles, and consumer electronics due to their complex supply chains and dependence on Chinese factories<\/em>.\u201d Though shoppers seeking to avoid public areas are likely to shop online instead, the report warns that \u201csupply chain disruptions may add time to retailer\u2019s typical delivery windows. The Port of Los Angeles has already seen a quarter of sailings canceled as container volumes drop<\/em>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s move comes in the context of a very active first quarter for both acquisitions and development.<\/p>\n","protected":false},"author":882,"featured_media":1004331197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,23891,21742],"tags":[33250,33327,33300,32796,35274,33301],"class_list":["post-1004400419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-national","category-latest","tag-bank-of-america","tag-bnp-paribas","tag-david-simon","tag-jll","tag-jpmorgan-chase","tag-simon-property-group-inc"],"acf":[],"yoast_head":"\nSimon Property Boosts Credit Revolver to $6B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/simon-property-boosts-credit-revolver-to-6b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Simon Property Boosts Credit Revolver to $6B\" \/>\n<meta property=\"og:description\" content=\"The company\u2019s move comes in the context of a very active first quarter for both acquisitions and development.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/simon-property-boosts-credit-revolver-to-6b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-17T13:25:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T14:42:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/financing-news-02.-Image-via-Pixabay.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simon-property-boosts-credit-revolver-to-6b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/simon-property-boosts-credit-revolver-to-6b\/\",\"name\":\"Simon Property Boosts Credit Revolver to $6B - 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