Simon Property Group Ends Cash Tender Offer

Simon Property Group SPG today announced the results of the previously announced cash tender offer made by Simon Property Group, L.P. to purchase for cash three outstanding series of notes. The tender offer expired yesterday at 5:00 p.m., New York City time. The total principal amount of Notes tendered and accepted for purchase was approximately $1.328 billion, with a weighted average remaining duration of 3.5 years and a weighted average coupon of 6.06%. A charge to earnings of approximately $185 million is expected to be recorded in the third quarter of 2010 in connection with this transaction. The Operating Partnership will fund the purchase of the Notes with cash on hand and the proceeds from the sale of $900.0 million aggregate principal amount of its 4.375% senior notes due 2021 in an underwritten public offering that closed on August 16, 2010.