{"id":1004729809,"date":"2024-09-23T04:12:09","date_gmt":"2024-09-23T12:12:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004729809"},"modified":"2024-09-30T07:13:00","modified_gmt":"2024-09-30T15:13:00","slug":"simon-property-group-lands-3-5b-revolving-credit-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/simon-property-group-lands-3-5b-revolving-credit-facility\/","title":{"rendered":"Simon Property Group Lands $3.5B Revolving Credit Facility"},"content":{"rendered":"
\n
\"David<\/a>
David Simon, Chairman & CEO, Simon Property Group. Image courtesy of Simon Property Group<\/em><\/figcaption><\/figure><\/div>\n\n\n

Simon Property Group LP, the majority-owned operating partnership subsidiary of prominent retail REIT Simon, has amended, restated and extended its $3.5 billion multi-currency unsecured revolving credit facility.<\/p>\n\n\n\n

Simon reported that the amended and extended credit facility enhances the company\u2019s financial flexibility and provides the company with $8.5 billion of total revolving credit capacity, when combined with its existing $5 billion senior unsecured credit facility. The facilities reportedly are supported by a globally diverse lender group composed of 28 banks.<\/p>\n\n\n\n

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READ ALSO<\/strong>: Retail Investors Are Adapting to Disruption<\/a><\/p>\n\n\n\n

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The amended facility will initially mature on Jan. 31, 2029, and can be extended for an additional year, to Jan. 31, 2030, at the sole option of the operating partnership. Based on the operating partnership\u2019s current credit ratings, the interest rate for U.S. dollar borrowings is unchanged from the prior facility at SOFR plus 82.5 basis points, which includes a 10-basis-point SOFR spread adjustment.<\/p>\n\n\n\n

Seismic shift<\/h2>\n\n\n\n

Bolstering and updating its credit capacity should help Simon stay at the forefront of the retail sector\u2019s nationwide move toward a more experiential focus.<\/p>\n\n\n\n

In June, Commercial Property Executive<\/em> reported on Simon Property Group\u2019s deal with Camp<\/a>, under which the latter will open spaces of more than 10,000 square feet each at Simon\u2019s King of Prussia Mall, near Philadelphia, and at the Galleria Mall in Houston, the latter debuting in 2025.<\/p>\n\n\n\n

Simon has also signed a deal with Netflix to open one of the steaming service\u2019s new experiential concepts at King of Prussia Mall. The upcoming Netflix House store is scheduled to open in 2025. The venue will include retail, dining and live entertainment.<\/p>\n\n\n\n

Unsecured spreads near pre\u2013rate-hike thresholds<\/h2>\n\n\n\n

In another recent deal, STAG Industrial has refinanced its $1 billion senior unsecured revolving credit facility<\/a>. The new maturity date was set for 2028, with two six-month extension options, subject to certain conditions and no changes to pricing.<\/p>\n\n\n\n

Abby Corbett, a senior economist & head of investor insights at Cushman & Wakefield, commented for Commercial Property Executive<\/em> that when the debt markets on the private, secured side aren\u2019t as cost-competitive or fluid, there is still the benefit of tapping into unsecured debt. \u201cUnsecured spreads are still range-bound to near pre\u2013rate-hike thresholds,\u201d Corbett said.<\/p>\n","protected":false},"excerpt":{"rendered":"

This move provides the company with $8.5 billion of total revolving credit capacity.<\/p>\n","protected":false},"author":882,"featured_media":1004387126,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,23891,21742,21749],"tags":[33301],"class_list":["post-1004729809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-national","category-latest","category-retail","tag-simon-property-group-inc"],"acf":[],"yoast_head":"\nSimon Property Group Lands $3.5B Revolving Credit Facility - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Simon Property Group has amended, restated and extended its $3.5 billion multi-currency unsecured revolving credit facility.\" \/>\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-group-lands-3-5b-revolving-credit-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Simon Property Group Lands $3.5B Revolving Credit Facility\" \/>\n<meta property=\"og:description\" content=\"Simon Property Group has amended, restated and extended its $3.5 billion multi-currency unsecured revolving credit facility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-lands-3-5b-revolving-credit-facility\/\" \/>\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=\"2024-09-23T12:12:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-30T15:13:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/David-Simon-Retail-res.jpg\" \/>\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\/jpeg\" \/>\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-group-lands-3-5b-revolving-credit-facility\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/simon-property-group-lands-3-5b-revolving-credit-facility\/\",\"name\":\"Simon Property Group Lands $3.5B Revolving Credit Facility - 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