Stock Update: Simon Property Group Inc (NYSE:SPG) – Simon Property Group Announces Offering Of Euro-Denominated Notes

[PR Newswire] – INDIANAPOLIS, May 10, 2016 /PRNewswire/ — Simon Property Group, Inc. announced today that its indirect wholly-owned subsidiary, Simon International Finance, S.C.A., a corporate partnership limited by shares (société en commandite par actions) under the laws of the Grand Duchy of Luxembourg, has agreed to sell €500 million principal amount of its 1.25% unsecured notes due 2025 (the “Notes”) in an offering to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Notes will be fully and unconditionally guaranteed by Simon Property Group, L.P. (the “Operating Partnership”). This offering is expected to close on May 13, 2016, subject to customary closing conditions. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the Notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act. Read more on this. Simon Property Group Inc. (SPG) , valued at $66.27B, began trading this morning at $214.14. Looking at today’s trading action, the company’s one day range from $213.09 to $214.80 with the price of the stock fluctuating between $170.99 to $214.80 over the last 52 weeks. SPG shares are currently priced at 19.39x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 17.90x earnings multiple for the same period. The company pays shareholders $6.40 per share in dividend income per year, for a current yield of 3.04%. Consensus earnings for the current quarter by the 18 sell-side analysts covering the stock is an estimate of $2.62 per share, which would be $0.01 worse than the year-ago quarter and a $0.02 sequential decrease. Investors should also note that the full-year EPS estimate of $10.87 is a $1.01 better when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $1.35 Billion. If realized, that would be a 0.00% decrease over the year-ago quarter. Recently, Mizuho Initiated SPG at Buy (Apr 14, 2016). Previously, Canaccord Genuity Initiated SPG at to Buy. The average price target for SPG shares by the analysts covering the stock is $229.78, which is 7.30% above where the stock opened this morning. See more in (NYSE:SPG) Similar Articles: Stock Update: United Technologies Corp (NYSE:UTX) – United Technologies Prices Offering of Euro-Denominated Senior Notes Stock Update (NYSE:SPG): Simon Property Group Sells $1.35 Billion Of Senior Notes Stock Update: Thermo Fisher Scientific Inc (NYSE:TMO) – Thermo Fisher Scientific Prices Offering of Euro-Denominated Senior Notes