Simon Property Group Inc. (NYSE: SPG) on Monday said its unit Simon Property Group LP has begun a tender offer to purchase $2.3 billion of senior notes, according to Reuters.
Simon Property, the largest U.S. mall owner, is tendering for $700 million of 5.3 percent senior notes due in 2013, $1.1 billion of 6.75 percent senior notes due in 2014 and $500 million of 5.625 percent notes due in 2014.
The tender offer expires at 5 p.m. EST on Aug. 16.
Simon Property is also selling about $750 million of 10.5-year notes due in March 2021 to help fund the purchase of the senior notes.
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