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SANTA MONICA, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- The Macerich Company (NYSE: MAC) (the “Company” or “Macerich”) announced today that it has priced an underwritten public offering of 20,000,000 shares of common stock at a price to public of $19.75 per share for expected gross proceeds of approximately $395.0 million. The Company has also granted the underwriters a 30-day option to purchase up to 3,000,000 additional shares of its common stock. This reflects an upsizing of the previously announced offering of 18,000,000 shares of common stock. Subject to customary closing conditions, the offering is expected to close on November 27, 2024.
The Company intends to use the net proceeds of this offering, together with cash on hand, including from recent sales under the Company’s “at the market” offering program, 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. Copies of the prospectus supplement and accompanying prospectus relating to these securities may be obtained, when available, by contacting: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by email at Prospectus-ny@ny.email.gs.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any such offer or sale will be made only by means of the prospectus supplement and prospectus forming part of the effective registration statement relating to these securities.
About the Company
Macerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, D.C. corridor. Developing and managing properties that serve as community cornerstones, Macerich currently owns 45 million square feet of real estate, consisting primarily of interests in 41 retail centers.