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Simon Property Prices Upsized Public Offering Of 19.25 Mln Shares At $72.50/shr

Simon Property Group Inc. (SPG) said that it has priced an upsized public offering of 19.25 million shares of common stock at a public offering price of $72.50 per share that is expected to close November 23, 2020.

The company said net proceeds from the offering, after deducting fees and estimated expenses related to the offering, will be approximately $1.35 billion.

The company has granted the underwriters an overallotment option to purchase up to 2.89 million additional shares of common stock.

The company plans to use the proceeds to fund the previously announced acquisition of an 80% interest in The Taubman Realty Group Limited Partnership in part and for other general business purposes.

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