Simon Property Group Announces New $4.0 Billion Revolving Credit Facility

INDIANAPOLIS, Oct. 5, 2011 /PRNewswire via COMTEX/ --

Simon Property Group, Inc. (the "Company") (NYSE: SPG) today announced that it has entered into a new unsecured revolving credit facility that increases the Company's revolving borrowing capacity to $4.0 billion. This facility, which can be increased to $5.0 billion during its term, will initially mature on October 30, 2015, and can be extended for an additional year to October 30, 2016 at the Company's sole option. The base interest rate on the Company's new facility is LIBOR plus 100 basis points. In addition, the new facility provides for a money market competitive bid option program that allows the Company to hold auctions to achieve lower pricing for short-term borrowings. The facility also includes a $2.0 billion multi-currency tranche for Euro, Yen, Sterling, and Canadian Dollar borrowings.

"There was very strong lender demand in our new credit facility, with commitments received from 33 financial institutions aggregating over $5.0 billion," said David Simon, Chairman and Chief Executive Officer. "This expanded credit facility size, at a significantly lower pricing grid and a new maturity term of up to 5 years, further enhances our already strong financial flexibility."