Simon Property Group L P Issues $800M of Senior Notes (2032 & 2036)

What Happened

• Simon Property Group, L.P. entered an underwriting agreement on September 9, 2026, and issued two series of senior notes on September 16, 2026: $400 million of 5.250% notes due February 15, 2032 (2032 Notes) and $400 million of 5.650% notes due October 1, 2036 (2036 Notes).
• The offering was led by J.P. Morgan Securities LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC and Wells Fargo Securities, LLC as representatives of the underwriters. The notes were issued under the Operating Partnership’s Indenture (as amended by the Forty-Ninth Supplemental Indenture) with The Bank of New York Mellon Trust Company, N.A. as trustee.

Key Details

• Size & rates: $400,000,000 of 5.250% notes due 2/15/2032; $400,000,000 of 5.650% notes due 10/1/2036.
• Interest payment schedule: 2032 Notes pay semiannually on Feb 15 and Aug 15 (first payment 2/15/2027); 2036 Notes pay semiannually on Apr 1 and Oct 1 (first payment 4/1/2027). Record date is 15 days before each payment.
• Redemption: Notes may be redeemed at the issuer’s option (whole or in part) with 10–60 days’ notice. Redemption price = principal + accrued interest + a make‑whole premium, except no make‑whole if 2032 Notes redeemed on/after 1/15/2032 or 2036 Notes on/after 7/1/2036.
• Other: The Underwriting Agreement includes customary representations, indemnities and confirmations that underwriters and their affiliates have provided and may provide other banking and lending services to the Operating Partnership.

Why It Matters

• This filing documents Simon Property Group L.P.’s addition of $800 million of long‑term debt with fixed interest rates, which will increase scheduled interest expense but extends capital availability through 2032 and 2036.
• The 8‑K does not state the use of proceeds. Investors should note the timing, coupon rates and redemption terms when assessing the partnership’s debt profile and future interest obligations.