BT Floats Debt Backed by Mall

BT Securities Corp. has priced $50 million of floating-rate securities backed by debt on a mall controlled by Simon Property Group Inc. of Indianapolis.

The single class of double-A notes was priced at par to yield 55 basis points over one-month Libor.

The five-year securities are collateralized by a loan on Jefferson Valley Mall in Yorktown Heights, N.Y. Bankers Trust Co. extended the mortgage in December and its securities affiliate floated the notes to remove the company from its position as lender.

Simon Property Group used the loan proceeds to ret