Simon Sells $1.1B of Notes

Simon Property Group LP, Indianapolis, has sold $1.1 billion of senior notes in a private offering.The offering consisted of $500 million of 5.375% notes due in 2011 and $600 million of 5.750% notes due in 2015, according to the parent company, Simon Property Group Inc., a real estate investment trust. The REIT said it had concurrently settled certain forward-hedging instruments, and that if the proceeds of the settlement were applied to the notes, the effective yields would be reduced to 5.37% for the 2011 notes and 5.65% for the 2015 notes, for a blended yield of 5.52%. The REIT can be found online at http://www.simon.com.