Simon Property Group Inc., an Indianapolis-based real estate investment trust, has announced the sale of $1.1 billion of senior notes by its subsidiary operating partnership, Simon Property Group LP.The offering consisted of $600 million of 5.60% notes due in 2011 and $500 million of 5.875% notes due in 2017, according to the parent company. The REIT said it had concurrently settled certain forward-starting interest rate swap contracts, and that if the proceeds of the settlement were applied to the notes, the effective interest rates would be raised to 5.63% for the 2011 notes and 5.96% for the 2017 notes, for a blended yield of 5.78%. The REIT can be found online at http://www.simon.com.
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