Latham & Watkins has advised Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment, and mixed-use destinations, on the issuance of a €750 million principal amount of unsecured bonds by its wholly-owned subsidiary, Simon Global Development B.V. The bonds are exchangeable into existing ordinary shares of a listed European REIT.
The bonds were issued at 100% of their principal amount and pay a fixed coupon of 3.50% per annum. The offering closed on November 14, 2023. The bonds are expected to be admitted to trading on the Open Market segment of the Frankfurt Stock Exchange.
The Latham team was led by Paris corporate partner Roberto Luis Reyes Gaskin, with associate Jaime Hall and London associate Clive Wong. Advice was also provided on aspects related to the guarantee by Simon Property Group LP by Los Angeles capital markets partner Julian Kleindorfer and Century City partner Lewis Kneib; and on US tax matters by New York partner Jiyeon Lee-Lim and Century City partner Ana O’Brien, with associate Joe Marcus.
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