iCrowdNewswire Nov 23, 2020 2:48 PM ET
Simon Property Group, Inc. , a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today announced that Simon has commenced an offering of 17,500,000 shares of common stock. The Company expects to grant the underwriters an overallotment option to purchase up to 2,625,000 additional shares of common stock.
The Company intends to contribute the net proceeds from the offering to Simon Property Group, L.P. (the “Operating Partnership”), 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 are serving as joint book-running managers of the offering.
The offering is being conducted as a public offering under the Company’s effective shelf registration statement and a preliminary prospectus supplement and accompanying prospectus filed by the Company with the Securities and Exchange Commission (“SEC”). Any offer of securities will be made by means of the prospectus supplement and accompanying prospectus. The preliminary prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov.
When available, copies of the preliminary prospectus supplement and accompanying prospectus for the offering can be obtained by contacting: BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: email@example.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.