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Simon Property Group L.P.'s $600 Million Senior Unsecured Notes Assigned 'A-' Rating May 09
Standard & Poors, May 2009
NEW YORK (Standard & Poor's) May 12, 2009--Standard & Poor's Ratings Services today assigned its 'A-' senior unsecured debt rating to the $600 million 6.75% senior notes due 2014 issued by Simon Property Group L.P. (A-/Stable/--). The company will use proceeds from the senior note offering primarily to repay maturing debt. Simon has an estimated $2.5 billion of cash on-balance-sheet following the senior note offering and the company's May 2009 equity issuance ($1.15 billion, including exercise of the overallotment option), and its $3.5 billion unsecured line of credit is substantially available ($417 million was outstanding under non-U.S. tranches only as of March 31, 2009). The ratings on Simon acknowledge the company's large and well-diversified portfolio, which includes interests in many...
Companies mentioned in this report are: Simon Property Group, Inc,Chelsea Property Group Inc. ,CPG Partners L.P.,Simon Property Group, L.P.,SPG Properties Inc.,Retail Property Trust (The)
Action: New Rating
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Research type: News
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Simon Property Group, Inc,Chelsea Property Group Inc. ,CPG Partners L.P.,Simon Property Group, L.P.,SPG Properties Inc.,Retail Property Trust (The)