Simon Property Group Enters Material Definitive Agreement

TL;DR

SPG just signed a big deal, new financial obligation incoming.

AI Summary

On September 19, 2024, Simon Property Group, Inc. entered into a material definitive agreement related to a direct financial obligation. The filing details the creation of this obligation, which is a significant financial commitment for the company. Further specifics on the agreement and its terms are provided within the document.

Why It Matters

This filing indicates a new significant financial commitment for Simon Property Group, which could impact its financial structure and future investments.

Risk Assessment

Risk Level: medium — Entering into new material definitive agreements and financial obligations can introduce financial risks and impact the company's balance sheet.

Key Players & Entities

• Simon Property Group, Inc. (company) — Filer
• Simon Property Group L.P. (company) — Filer
• 20240919 (date) — Date of Report

FAQ

Key Financial Figures

• $0.0001 — on Property Group, Inc. Common stock, $0.0001 par value SPG New York Stock Exchan
• $3.5 billion — the "Company") amended and extended its $3.5 billion senior unsecured multi-currency supplem
• $3.5 billion — acility's initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during
• $4.5 billion — ity of $3.5 billion may be increased to $4.5 billion during its term. The initial maturity d
• $3,500,000,000 — 19, 2024 99.2 Amended and Restated $3,500,000,000 Credit Agreement dated as of September

Filing Documents

• tm2424274d1_8k.htm (8-K) — 53KB
• tm2424274d1_ex99-1.htm (EX-99.1) — 5KB
• tm2424274d1_ex99-2.htm (EX-99.2) — 1103KB
• tm2424274d1_ex99-1img001.jpg (GRAPHIC) — 3KB
• 0001104659-24-101363.txt ( ) — 1632KB
• spg-20240919.xsd (EX-101.SCH) — 4KB
• spg-20240919_def.xml (EX-101.DEF) — 28KB
• spg-20240919_lab.xml (EX-101.LAB) — 38KB
• spg-20240919_pre.xml (EX-101.PRE) — 26KB
• tm2424274d1_8k_htm.xml (XML) — 9KB

01 Entry into a Material Definitive Agreement

ITEM 1.01 Entry into a Material Definitive Agreement. On September 19, 2024, Simon Property Group, L.P. (the "Company") amended and extended its $3.5 billion senior unsecured multi-currency supplemental revolving credit facility (the "Supplemental Facility"). The Supplemental Facility's initial borrowing capacity of $3.5 billion may be increased to $4.5 billion during its term. The initial maturity date of the Supplemental Facility was extended to January 31, 2029 from January 31, 2026. The initial maturity date can be extended for an additional year to January 31, 2030 at the Company's sole option, subject to the Company's continued compliance with the terms thereof. Borrowings under the Supplemental Facility bear interest, at the Company's election, at either (i) (x) for Term Benchmark Loans, the Adjusted Term SOFR Rate, the applicable Local Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, or the Adjusted TIBOR Rate, (y) for RFR Loans, if denominated in Sterling, SONIA plus a benchmark adjustment, if denominated in Dollars, Daily Simple SOFR plus a benchmark adjustment, and if denominated in Canadian Dollars, Daily Simple CORRA plus a benchmark adjustment or (z) for Daily SOFR Loans, the Adjusted Floating Overnight Daily SOFR Rate, in each case of clauses (x) through (z) above, plus a margin determined by the Company's corporate credit rating of between 0.650% and 1.400% or (ii) for loans denominated in U.S. Dollars only, the base rate (which rate is equal to the greatest of the prime rate, the NYFRB Rate plus 0.500% or Adjusted Term SOFR Rate for one month plus 1.000%) (the "Base Rate"), plus a margin determined by the Company's corporate credit rating of between 0.000% and 0.400%. The Supplemental Facility includes a facility fee determined by the Company's corporate credit rating of between 0.100% and 0.300% on the aggregate revolving commitments under the Supplemental Facility. The Supplemental Facility provides for borrowings denominated in

03 Creation of a Direct Financial Obligation

ITEM 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure required by this Item is included in 1.01 and is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press release dated September 19, 2024 99.2 Amended and Restated $3,500,000,000 Credit Agreement dated as of September 19, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: September 19, 2024 SIMON PROPERTY GROUP, L.P. By: Simon Property Group, Inc., its sole General Partner By: /s/ Brian J. McDade Brian J. McDade Executive Vice President -- Chief Financial Officer SIMON PROPERTY GROUP, INC. By: /s/ Brian J. McDade Brian J. McDade Executive Vice President -- Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR