Finance History | 11 Wall Street — Twenty-Two Twenty-Five for Thirty-Seven Point Seven Five Million Mall Shares Called SPG
· 1993-12
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Finance History | 11 Wall Street — Twenty-Two Twenty-Five for Thirty-Seven Point Seven Five Million Mall Shares Called SPG
kevin
People treat Simon Property as an Indianapolis mall REIT that always printed SPG after a finished New York book.
The December 1993 issuer was a new public vehicle for assets that had sat inside Melvin Simon and Associates.
A later Form 10-K records that on 20 December 1993 the company completed its initial public offering of 37,750,000 common shares and a concurrent private borrowing of 259 million dollars.
The company's own stockholder FAQ records the offering price as 22.25 dollars a share in 1993 currency.
Net proceeds recorded in the same 10-K were 767.756 million dollars. Those proceeds, with the private loan, were contributed into Simon Property Group, L.P. for a 52.2 percent general-partner interest.
Market directories date the first New York print to 14 December 1993.
On 14 January 1994 the underwriters took another 5,662,500 shares under the over-allotment and delivered 118.235 million dollars of extra net proceeds.
The mechanism is a UPREIT listing. Public common bought partnership units.
The family kept a large limited-partner book. Mortgage debt at the properties was paid down from the cash.
The present tape is still SPG on the New York Stock Exchange.
The pin is the Broad Street facade of the Exchange, where that mall book opened.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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