Macerich Prices Public Offering Of 20 Mln Shares At $19.75/shr

Macerich

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(RTTNews) - Macerich Co. (MAC) announced the pricing of an underwritten public offering of 20 million shares of common stock at $19.75 per share, expected to generate gross proceeds of approximately $395 million. This represents an increase from the previously announced offering of 18 million shares.

The company has also granted the underwriters a 30-day option to purchase up to 3 million additional shares of its common stock. The offering is expected to close on November 27, 2024.

The company said it plans to use the net proceeds of the offering, together with cash on hand, to repay the $478.0 million mortgage loan with a fixed effective interest rate of approximately 9.0% and which is secured by its Washington Square property. Pending such use, the company may invest the net proceeds in short-term, interest-bearing deposit accounts.

Goldman Sachs & Co. LLC is serving as the lead bookrunner and representative of the underwriters of the offering. J.P. Morgan, Deutsche Bank Securities, BMO Capital Markets and TD Securities are also serving as joint bookrunning managers for the offering.