INDIANAPOLIS - Union Bank of Switzerland, Morgan Guaranty Trust Company of New York, and Chemical Bank are leading a $400 million loan that will enable Simon Property Group to consolidate its existing corporate credit facilities into one.

The $400 million unsecured, revolving credit facility, which is an increase in capacity of $150 million over the existing facilities, bears interest at the London interbank offered rate plus 150 basis points and matures in three years. The agreement calls for step-downs in the interest rate to become available as Simon Property Group achieves investment grade ratings from the various rating agencies. $134 million was drawn down on the loan at closing to repay the existing secured and unsecured facilities.

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