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The Associated Press October 5, 2011, 11:08AM ET

Simon Property Group gets new $4B credit facility

Simon Property Group Inc. has received a new $4 billion unsecured revolving credit facility.

The nation's biggest mall operator said Wednesday that the facility can be raised to $5 billion over the length of its term, which is set to mature on Oct. 30, 2015. The maturation date can be extended by one year at Simon Property's option.

The credit agreement also includes a $2 billion multi-currency tranche for euro, yen, sterling, and Canadian dollar borrowings.

JPMorgan Chase and Bank of America Merrill Lynch were the facility's joint lead arrangers and book runners, while Royal Bank of Scotland and Sumitomo Mitsui Banking Corp. were joint lead arrangers and co-syndication agents.

Simon Property currently owns or has an interest in 391 retail real estate properties in North America, Europe and Asia. The Indianapolis company's stock fell $1.74 to $109.05 in morning trading.

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