Simon has new $2 billion credit facility

INDIANAPOLIS (AP) - Simon Property Group Inc., the country's largest mall operator, has a new $2 billion unsecured revolving credit facility.

The world's biggest real estate company said Friday that the facility will complement an existing $4 billion revolving credit agreement.

The $2 billion facility is set to mature on June 30, 2016, but Simon has the option to extend it by one year. The Indianapolis company also has the ability to increase the facility to $2.5 billion during its term.

The facility allows for borrowings in U.S. dollars, the euro, yen, sterling, Canadian dollars and Australian dollars.

Last month Simon said in a regulatory filing that its shareholders overwhelmingly rejected a plan to boost its CEO David Simon's pay over an eight-year period. The vote was not binding, and Simon appeared unlikely at the time to revise its arrangement.

Simon owns or has an interest in 337 retail real estate properties in North America and Asia.

Its shares fell $1.83 to $145.69 in premarket trading Friday. They hit a 52-week high of $158.60 per share a month ago. They had traded as low as $99.60 in August 2011.